Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||||
Sep. 30, 2014 | Nov. 03, 2014 | Nov. 03, 2014 | Nov. 03, 2014 | Nov. 03, 2014 | |
Common Class A [Member] | Common Class B-1 [Member] | Common Class B-2 [Member] | Common Class B-3 [Member] | ||
Document Information [Line Items] | ' | ' | ' | ' | ' |
Entity Registrant Name | 'Bluerock Residential Growth REIT, Inc. | ' | ' | ' | ' |
Entity Central Index Key | '0001442626 | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' | ' | ' |
Trading Symbol | 'CIK0001442626 | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 7,531,188 | 353,630 | 353,630 | 353,629 |
Document Type | '10-Q | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Net Real Estate Investments | ' | ' |
Land | $41,425,486 | $25,750,000 |
Buildings and improvements | 252,453,904 | 102,760,752 |
Construction in progress | 229,253 | 16,695,988 |
Furniture, fixtures and equipment | 8,281,750 | 2,942,264 |
Total Gross Operating Real Estate Investments | 302,390,393 | 148,149,004 |
Accumulated depreciation | -10,036,394 | -4,515,937 |
Total Net Operating Real Estate Investments | 292,353,999 | 143,633,067 |
Operating real estate held for sale, net | 14,739,234 | 19,372,277 |
Total Net Real Estate Investments | 307,093,233 | 163,005,344 |
Cash and cash equivalents | 7,612,286 | 2,983,785 |
Restricted cash | 4,214,133 | 2,002,117 |
Due from affiliates | 543,535 | 514,414 |
Accounts receivable, prepaids and other assets | 1,783,086 | 1,433,755 |
Investments in unconsolidated real estate joint ventures (Note 6) | 12,875,514 | 1,254,307 |
In-place lease value, net | 545,465 | 0 |
Deferred financing costs, net | 2,131,032 | 761,515 |
Non-real estate assets associated with operating real estate held for sale (Note 3) | 950,780 | 0 |
Assets related to discontinued operations | 0 | 570,855 |
Total Assets | 337,749,064 | 172,526,092 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Mortgages payable (Note 7) | 215,314,610 | 96,534,338 |
Mortgage payable associated with operating real estate held-for-sale (Notes 3 and 7) | 11,500,000 | 0 |
Line of credit (Note 8) | 0 | 7,571,223 |
Accounts payable | 1,624,571 | 2,397,481 |
Other accrued liabilities | 5,470,103 | 2,280,133 |
Due to affiliates | 1,783,529 | 2,254,403 |
Distributions payable | 595,943 | 143,463 |
Liabilities associated with operating real estate held for sale | 435,279 | 0 |
Liabilities related to discontinued operations | 364,195 | 15,262,832 |
Total Liabilities | 237,088,230 | 126,443,873 |
Stockholders' Equity | ' | ' |
Additional paid-in-capital, net of costs | 80,351,364 | 21,747,713 |
Cumulative distributions and net losses | -21,348,469 | -9,770,468 |
Total Stockholders' Equity | 59,058,460 | 12,001,393 |
Noncontrolling Interests | ' | ' |
Operating partnership units | 3,112,376 | 0 |
Partially owned properties | 38,489,998 | 34,080,826 |
Total Noncontrolling Interests | 41,602,374 | 34,080,826 |
Total Equity | 100,660,834 | 46,082,219 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 337,749,064 | 172,526,092 |
Preferred Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Preferred stock, value | 0 | 0 |
Common Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common Stock, Value, Issued | 0 | 24,138 |
Common Class A [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common Stock, Value, Issued | 44,957 | 0 |
Common Class B-1 One [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common Stock, Value, Issued | 3,536 | 0 |
Common Class B-2 One [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common Stock, Value, Issued | 3,536 | 0 |
Common Class B-3 One [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common Stock, Value, Issued | 3,536 | 0 |
Nonvoting Convertible Stock [Member] | ' | ' |
Stockholders' Equity | ' | ' |
Common Stock, Value, Issued | $0 | $10 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 250,000,000 | 250,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common Stock [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 0 | 749,999,000 |
Common stock, shares issued | 0 | 2,413,811 |
Common stock, shares outstanding | 0 | 2,413,811 |
Common Class A [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 747,586,185 | 0 |
Common stock, shares issued | 4,495,744 | 0 |
Common stock, shares outstanding | 4,495,744 | 0 |
Common Class B-1 One [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 804,605 | 0 |
Common stock, shares issued | 353,630 | 0 |
Common stock, shares outstanding | 353,630 | 0 |
Common Class B-2 One [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 804,605 | 0 |
Common stock, shares issued | 353,630 | 0 |
Common stock, shares outstanding | 353,630 | 0 |
Common Class B-3 One [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 804,605 | 0 |
Common stock, shares issued | 353,629 | 0 |
Common stock, shares outstanding | 353,629 | 0 |
Nonvoting Convertible Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 0 | 1,000 |
Preferred stock, issued | 0 | 1,000 |
Preferred stock, outstanding | ' | 1,000 |
Common stock, shares outstanding | 0 | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Revenues | ' | ' | ' | ' | ||||
Net rental income | $9,184,734 | $2,975,101 | $19,753,712 | $8,754,751 | ||||
Other property revenues | 371,360 | 84,973 | 793,313 | 240,466 | ||||
Total revenues | 9,556,094 | 3,060,074 | 20,547,025 | 8,995,217 | ||||
Expenses | ' | ' | ' | ' | ||||
Property operating | 4,067,943 | 1,306,215 | 9,008,061 | 3,881,073 | ||||
General and administrative | 777,796 | 461,156 | 2,048,211 | 1,291,088 | ||||
Asset management fees | 225,081 | 130,073 | 547,606 | 373,859 | ||||
Acquisition costs | 378,415 | 55,428 | 3,527,953 | 198,446 | ||||
Depreciation and amortization | 4,916,833 | 1,061,685 | 9,864,187 | 4,088,893 | ||||
Total expenses | 10,366,068 | 3,014,557 | 24,996,018 | 9,833,359 | ||||
Operating (loss) income | -809,974 | 45,517 | -4,448,993 | -838,142 | ||||
Other (expense) income | ' | ' | ' | ' | ||||
Other income | 52,200 | 0 | 184,724 | 0 | ||||
Equity in income (loss) of unconsolidated joint ventures (Note 6) | 411,466 | -150,423 | 492,172 | -97,729 | ||||
Equity in gain on sale of unconsolidated joint venture interest | 0 | 1,605,094 | 0 | 1,605,094 | ||||
Interest expense, net | -2,412,948 | -1,137,769 | -5,550,746 | -3,461,251 | ||||
Total other (expense) income | -1,949,282 | 316,902 | -4,873,850 | -1,953,886 | ||||
Net (loss) income from continuing operations | -2,759,256 | 362,419 | -9,322,843 | -2,792,028 | ||||
Discontinued operations | ' | ' | ' | ' | ||||
Income (loss) on operations of rental property | 114,115 | -2,674 | -3,736 | -92,211 | ||||
Loss on early extinguishment of debt | 0 | 0 | -879,583 | 0 | ||||
Gain on sale of joint venture interest | 0 | 0 | 1,006,359 | 0 | ||||
Income (loss) from discontinued operations | 114,115 | -2,674 | 123,040 | -92,211 | ||||
Net (loss) income | -2,645,141 | 359,745 | -9,199,803 | -2,884,239 | ||||
Net loss attributable to noncontrolling interests | ' | ' | ' | ' | ||||
Operating partner units | -116,614 | 0 | -321,233 | 0 | ||||
Partially owned properties | -381,936 | -171,969 | -1,149,240 | -993,656 | ||||
Net loss attributable to noncontrolling interests | -498,550 | -171,969 | -1,470,473 | -993,656 | ||||
Net (loss) income attributable to common stockholders | ($2,146,591) | $531,714 | ($7,729,330) | ($1,890,583) | ||||
(Loss) income per common share - continuing operations | ' | ' | ' | ' | ||||
Basic (loss) income per common share (in dollars per share) | ($0.40) | [1] | $0.51 | [1] | ($1.87) | [1] | ($1.76) | [1] |
Diluted (loss) income per common share (in dollars per share) | ($0.40) | [1] | $0.50 | [1] | ($1.87) | [1] | ($1.76) | [1] |
Income (loss) per common share - discontinued operations | ' | ' | ' | ' | ||||
Basic income (loss) per common share (in dollars per share) | $0.02 | [1],[2] | $0 | [1],[2] | $0.03 | [1],[2] | ($0.09) | [1],[2] |
Diluted income (loss) per common share (in dollars per share) | $0.02 | [1],[3] | $0 | [1],[3] | $0.03 | [1],[3] | ($0.09) | [1],[3] |
Weighted average basic common shares outstanding (in shares) | 5,877,417 | [1],[2] | 1,048,854 | [1],[2] | 4,269,378 | [1],[2] | 1,024,997 | [1],[2] |
Weighted average diluted common shares outstanding (in shares) | 5,877,417 | [1] | 1,055,762 | [1] | 4,269,378 | [1] | 1,024,997 | [1] |
[1] | Share and per share amounts have been restated to reflect the effects of two reverse stock splits of the Companybs Class B common stock, which occurred during the first quarter of 2014. See Note 1, "Organization and Nature of Business" and Note 11, "Stockholders' Equity" for further discussion. | |||||||
[2] | For 2014, amounts relate to shares of the Companybs Class A, Class B-1, B-2, B-3 common stock and LTIP Units outstanding. For 2013, amounts relate to common shares outstanding. | |||||||
[3] | For 2014, amounts relate to shares of the Companybs Class A, Class B-1, B-2, B-3 common stock and OP and LTIP Units outstanding. For 2013, amounts relate to common shares outstanding. For 2014, amounts exclude OP Units as the effect would be anti-dilutive. |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Total | Nonvoting Convertible Stock [Member] | Common Stock [Member] | Common Class A [Member] | Common Class B-1 [Member] | Common Class B-2 [Member] | Common Class B-3 [Member] | Additional Paid-in Capital [Member] | Cumulative Distributions [Member] | Net Income (Loss) to Common Stockholders [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2013 | $46,082,219 | $10 | $24,138 | $0 | $0 | $0 | $0 | $21,747,713 | ($3,659,186) | ($6,111,282) | $34,080,826 |
Balance (in shares) at Dec. 31, 2013 | ' | 1,000 | 2,413,811 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Reverse stock-split effect (Note 11) | 0 | 0 | -24,138 | 0 | 3,536 | 3,536 | 3,536 | 13,530 | 0 | 0 | 0 |
Reverse stock-split effect (Note 11) (in shares) | ' | 0 | -2,413,811 | 0 | 353,630 | 353,630 | 353,629 | ' | ' | ' | ' |
Issuance of Class A common stock, net | 59,165,732 | 0 | 0 | 44,957 | 0 | 0 | 0 | 59,120,775 | 0 | 0 | 0 |
Issuance of Class A common stock, net (in shares) | ' | 0 | 0 | 4,495,744 | 0 | 0 | 0 | ' | ' | ' | ' |
Issuance of common stock for compensation | 36,250 | 0 | 0 | 0 | 0 | 0 | 0 | 36,250 | 0 | 0 | 0 |
Issuance of common stock for compensation in (shares) | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Issuance of Operating Partnership (''OP'') units (Note 11) | 4,100,000 | 0 | 0 | 0 | 0 | 0 | 0 | 666,391 | 0 | 0 | 3,433,609 |
Issuance of Long-Term Incentive Plan (''LTIP'') units (Note 11) | 2,117,237 | 0 | 0 | 0 | 0 | 0 | 0 | 2,117,237 | 0 | 0 | 0 |
Issuance of Long-Term Incentive Plan (''LTIP'') units (Note 11) (in shares) | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Issuance of LTIP units for compensation | 672,047 | 0 | 0 | 0 | 0 | 0 | 0 | 672,047 | 0 | 0 | 0 |
Issuance of LTIP units for compensation (in shares) | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Issuance of convertible stock, net | 0 | -10 | 0 | 0 | 0 | 0 | 0 | 10 | 0 | 0 | 0 |
Issuance of convertible stock, net (in shares) | ' | -1,000 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Contributions, net | 4,271,250 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,271,250 |
Distributions declared | -3,848,671 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3,848,671 | 0 | 0 |
Distributions to noncontrolling interests | -4,976,617 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4,976,617 |
Changes in additional-paid in capital due to acquisitions | -4,022,589 | 0 | 0 | 0 | 0 | 0 | 0 | -4,022,589 | 0 | 0 | 0 |
Noncontrolling interest upon acquisition | 6,263,779 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6,263,779 |
Net loss | -9,199,803 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7,729,330 | -1,470,473 |
Balance at Sep. 30, 2014 | $100,660,834 | $0 | $0 | $44,957 | $3,536 | $3,536 | $3,536 | $80,351,364 | ($7,507,857) | ($13,840,612) | $41,602,374 |
Balance (in shares) at Sep. 30, 2014 | ' | 0 | 0 | 4,495,744 | 353,630 | 353,630 | 353,629 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net loss | ($9,199,803) | ($2,884,239) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 10,047,823 | 4,583,563 |
Amortization of fair value adjustment | -224,808 | -605,081 |
Equity in (income) loss of unconsolidated joint ventures | -492,172 | 97,729 |
Equity in gain on sale of real estate asset of unconsolidated joint venture | 0 | -1,687,594 |
Gain on sale of joint venture interests | -1,006,359 | 0 |
Distributions from unconsolidated real estate joint ventures | 382,609 | 263,272 |
Share-based compensation attributable to directors' stock compensation plan | 36,250 | 73,750 |
Share-based compensation to Former Advisor - LTIP Units | 2,117,237 | 0 |
Share-based compensation to Manager - LTIP Units | 672,047 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Due to affiliates | -409,395 | -446,042 |
Accounts receivable, prepaids and other assets | -862,498 | -53,220 |
Accounts payable and other accrued liabilities | 3,303,527 | 3,446,367 |
Net cash provided by operating activities | 4,364,458 | 2,788,505 |
Cash flows from investing activities: | ' | ' |
Increase in restricted cash | -2,274,688 | -469,090 |
Acquisitions of consolidated real estate investments | -16,850,600 | 0 |
Capital expenditures | -7,434,793 | -13,989,816 |
Proceeds from sale of joint venture interests | 4,985,424 | 2,000,040 |
Purchase of interests from noncontrolling members | -15,446,754 | 0 |
Investment in unconsolidated joint venture | -8,512,394 | 0 |
Net cash used in investing activities | -45,533,805 | -12,458,866 |
Cash flows from financing activities: | ' | ' |
Distributions to common stockholders | -3,396,191 | -743,464 |
Distributions to noncontrolling interests | -4,976,617 | -755,623 |
Noncontrolling equity interest contributions to consolidated real estate investments | 4,271,250 | 920,908 |
Borrowings on mortgages payable | 15,566,403 | 8,658,880 |
Repayments on mortgages payable | -237,843 | -367,065 |
(Repayments of) borrowings under line of credit | -7,571,223 | 1,200,019 |
Deferred financing fees | -1,835,370 | 10,814 |
Net proceeds from issuance of common stock | 43,977,439 | 405,897 |
Payments to redeem common stock | 0 | -98,425 |
Net cash provided by financing activities | 45,797,848 | 9,231,941 |
Net increase (decrease) in cash and cash equivalents | 4,628,501 | -438,420 |
Cash and cash equivalents at beginning of period | 2,983,785 | 2,789,163 |
Cash and cash equivalents at end of period | 7,612,286 | 2,350,743 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Cash paid during the period for interest, net of interest capitalized of $143,003 for the nine months ended September 30, 2014 | 5,399,814 | 3,125,776 |
Supplemental Disclosure of Noncash Investing and Financing Activities: | ' | ' |
Distributions payable | 595,943 | 139,499 |
Redemptions payable | 0 | 169,366 |
Accrued offering costs | 634,611 | 680,852 |
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan including $14,276 declared but not yet reinvested at September 30, 2013 | 0 | 443,034 |
Receivable for common stock issuances pursuant to the distribution reinvestment plan | 0 | -14,276 |
Line of credit release and extension fee | 0 | 175,356 |
Reduction of line of credit balance in exchange for sale of joint venture equity interest | 0 | 5,524,412 |
Mortgages assumed upon property acquisitions | 116,800,000 | 0 |
Class A common stock issued upon property acquisitions | 15,188,293 | 0 |
OP Units issued for property acquisition | $4,100,000 | $0 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Distributions paid to common stockholders, declared but not yet reinvested | ' | $14,276 |
Net of Interest Capitalized Amount | $143,003 | ' |
Organization_and_Nature_of_Bus
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
Note 1 – Organization and Nature of Business | |
Bluerock Residential Growth REIT, Inc., or the Company, was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring well-located institutional-quality apartment properties in demographically attractive growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its funds from operations and net asset value through one or more of its Core-Plus, Value-Add, Opportunistic and Invest-to-Own investment strategies. | |
The Company conducts its operations through Bluerock Residential Holdings, L.P., its operating partnership, or Operating Partnership, of which the Company has a 90.13% ownership interest and is the sole general partner. The consolidated financial statements include the accounts of the Company, the Operating Partnership and the subsidiaries of the Operating Partnership. The use of the words "we", "us" or "our" refers to Bluerock Residential Growth REIT, Inc. and the Operating Partnership, except where the context requires otherwise. Bluerock Real Estate L.L.C., or Bluerock, is our sponsor. | |
The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Company’s Board of Directors’, or Board’s, consideration of strategic alternatives to maximize value to its stockholders. Through September 9, 2013, the Company had raised an aggregate of $22.6 million in gross proceeds through its continuous registered offering, including its distribution reinvestment plan. | |
The Company subsequently determined to register shares of newly authorized Class A common stock to be offered in a firmly underwritten public offering, or the IPO, by filing a registration statement on Form S-11 (File No. 333-192610) with the U.S. Securities and Exchange Commission, or the SEC, on November 27, 2013. On March 28, 2014, the SEC declared the registration statement effective and we announced the pricing of the IPO of 3,448,276 shares of Class A common stock at a public offering price of $14.50 per share for total gross proceeds of $50.0 million. The net proceeds of the IPO, which closed on April 2, 2014, were approximately $44.4 million after deducting underwriting discounts and commissions and estimated offering costs. | |
In connection with the IPO, shares of our Class A common stock were listed on the NYSE MKT for trading under the symbol “BRG.” Pursuant to the second articles of amendment and restatement to our charter filed on March 26, 2014, or Second Charter Amendment, each share of our common stock outstanding immediately prior to the listing, including shares sold in our continuous registered offering, was changed into one-third of a share of each of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. Following the filing of the Second Charter Amendment, we effected a 2.264881-to-1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878-to-1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. | |
As of March 31, 2014, we were externally managed by Bluerock Multifamily Advisor, LLC, an affiliate of Bluerock, or our Former Advisor, pursuant to an advisory agreement, or the Advisory Agreement. In connection with the completion of the IPO, we engaged BRG Manager, LLC, also an affiliate of Bluerock, or the Manager, to provide external management services to us under a new management agreement, or the Management Agreement, and terminated the Advisory Agreement with the Former Advisor. | |
Substantially concurrently with the completion of the IPO, the Company completed a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of The Villas at Oak Crest property, which is accounted for under the equity method and the Springhouse at Newport News property, in which we already owned an interest and which has been reported as consolidated for the periods presented). Since the completion of the IPO, the Company purchased an additional property for $58.6 million and made an aggregate commitment of $10.2 million, $8.5 million of which has been funded as of October 27, 2014, in preferred equity investments in two development projects with a total of 636 units. The total projected development cost for the two development projects, including land acquisition, is approximately $118.6 million. | |
The Company registered additional shares of its Class A common stock to be offered in a firmly underwritten public offering, or the Follow-On Offering, by filing a registration statement on Form S-11 (File No. 333-198770) with the SEC on September 16, 2014. On October 2, 2014, the SEC declared the registration statement effective and we announced the pricing of the Follow-On Offering at a public offering price of $11.90 per share. We closed the Follow-On Offering of 3,035,444 shares of Class A common stock, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters, on October 8, 2014. Net proceeds of the Follow-On Offering were approximately $33.1 million after deducting underwriting discounts and commissions and estimated offering costs. | |
As of September 30, 2014, the Company's portfolio consisted of interests in twelve properties (ten operating properties and two development properties), all but four acquired through joint ventures. The Company’s ten operating properties are comprised of an aggregate of 3,223 units. As of September 30, 2014, these properties, exclusive of our development properties, were approximately 96% occupied. | |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
Note 2 – Basis of Presentation and Summary of Significant Accounting Policies | |
Principles of Consolidation and Basis of Presentation | |
The Company operates as an umbrella partnership REIT in which our subsidiary and Operating Partnership, Bluerock Residential Holdings, L.P., a Delaware limited partnership, or its wholly owned subsidiaries, owns substantially all of the property interests acquired on its behalf. | |
Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions, the accounts of our Operating Partnership are consolidated in its consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation. The Company will consider future majority owned and controlled joint ventures for consolidation in accordance with the provisions of Topic 810, “Consolidation” of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). | |
Certain amounts in prior year presentations have been reclassified to conform with the current period presentation. Amounts associated with the Company's Enders Place at Baldwin Park property, which was classified as held for sale at December 31, 2013 in the consolidated balance sheet for that period, have been reclassified to continuing operations, as the Company no longer has the intent to sell the property. As a result of the sale of The Reserve at Creekside Village, a 192-unit garden-style apartment community located in Chattanooga, Tennessee, or the Creekside property, on March 28, 2014, amounts associated with the Creekside property in the statements of operations for the three and nine months ended September 30, 2013 have been reclassified to discontinued operations. See Note 3, “Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests” for further explanation. | |
Interim Financial Information | |
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting, and the instructions to Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, the financial statements for interim reporting do not include all of the information and notes or disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for interim periods should not be considered indicative of the operating results for a full year. | |
The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information refer to the financial statements and notes thereto included in our audited consolidated financial statements for the year ended December 31, 2013 contained in the Annual Report on Form 10-K as filed with the SEC. | |
Readers should be aware that the financial position and operations of the Company have changed significantly at and as of September 30, 2014 from the prior comparable dates and periods due to the Company’s completion of the IPO on April 2, 2014, the associated contribution transactions and subsequent acquisitions. | |
Summary of Significant Accounting Policies | |
There have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2013. | |
Use of Estimates | |
The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. At the property level, these estimates include such items as purchase price allocations of real estate acquisitions, impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts. Actual results could differ from those estimates. | |
New Accounting Pronouncements | |
In May 2014, FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers”, (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance when it becomes effective on January 1, 2017. Early adoption is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. We have not yet selected a transition method and are evaluating the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU No. 2014-08”). ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; b) the component of an entity or group of components of an entity is disposed of by sale; and c) the component of an entity or group of components of an entity is disposed of other than by sale. ASU No. 2014-08 also requires additional disclosures about discontinued operations. ASU No. 2014-08 is effective for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted ASU No. 2014-08 for the reporting period beginning January 1, 2014. As a result of the adoption of ASU No. 2014-08, results of operations for properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation. Additionally, any gain or loss on sale of real estate that do not meet the criteria for classification as a discontinued operation would be presented, on the consolidated statements of operations, in continuing operations. ASU No. 2014-08 did not have an impact on the presentation of the Company’s financial statements upon adoption. Early adoption is not permitted for assets that have previously been reported as held for sale in the consolidated financial statements. Therefore, application of this new guidance was not permitted for the Company’s Creekside property, which was reported as held for sale in the Company’s Annual Report on Form 10-K for the twelve month period ended December 31, 2013 and in the Company’s Quarterly Report on Form 10-Q for the three month period ended March 31, 2014. | |
Real_Estate_Assets_Held_for_Sa
Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Real Estate Assets Held for Development and Sale [Abstract] | ' | |||||||||||||
Real Estate Assets Held For Sale And Sale Of Joint Venture Interest Disclosure [Text Block] | ' | |||||||||||||
Note 3 – Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests | ||||||||||||||
Real Estate Assets Held for Sale and Discontinued Operations | ||||||||||||||
Prior to the Company’s early adoption of ASU No. 2014-08, as of January 1, 2014, the Company had reported its Creekside property as held for sale in the Company’s Annual Report on Form 10-K for the twelve month period ended December 31, 2013 and in the Company’s Quarterly Report on Form 10-Q for the three month period ended March 31, 2014. On March 28, 2014, the special purpose entity in which the Company held a 24.706% indirect equity interest sold the Creekside property, as discussed below. As early adoption was not permitted for assets that have previously been reported as held for sale in the consolidated financial statements and the property has been sold, the remaining assets and liabilities were classified as discontinued operations as of and for the three and nine month periods ended September 30, 2014. On August 28, 2014, the Company’s Investment Committee approved the plan to sell the North Park Towers property and the Company classified amounts related to the property as held for sale. Amounts associated with the Enders Place at Baldwin Park property, which was classified as held for sale at December 31, 2013 in the consolidated balance sheet for that period, have been reclassified to continuing operations, as the Company no longer has current plans to sell the property. | ||||||||||||||
The real estate assets and liabilities of the North Park Towers property are presented as held for sale in the Company’s consolidated balance sheet as of September 30, 2014. The real estate assets and liabilities of the Creekside property are presented as discontinued operations as of September 30, 2014 and December 31, 2013. | ||||||||||||||
Property Classified as Discontinued Operations | ||||||||||||||
The following is a summary of the results of operations of the Creekside property classified as discontinued operations at September 30, 2014, for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Total revenues | $ | — | $ | 549,874 | $ | 508,114 | $ | 1,588,052 | ||||||
Expenses | ||||||||||||||
Property operating | 114,115 | -164,754 | -75,931 | -524,700 | ||||||||||
Depreciation and amortization | — | -166,459 | -183,636 | -494,670 | ||||||||||
Asset management and oversight fees to affiliates | — | -8,308 | -8,040 | -24,925 | ||||||||||
Real estate taxes and insurance | — | -91,492 | -95,349 | -270,296 | ||||||||||
Income on operations of rental property | $ | 114,115 | $ | 118,861 | $ | 145,158 | $ | 273,461 | ||||||
Gain on sale of joint venture interest | — | — | 1,006,359 | — | ||||||||||
Loss on early extinguishment of debt | — | — | -879,583 | — | ||||||||||
Interest, net | — | -121,535 | -148,894 | -365,672 | ||||||||||
Income (loss) from discontinued operations | $ | 114,115 | $ | -2,674 | $ | 123,040 | $ | -92,211 | ||||||
Sale of Joint Venture Equity Interests | ||||||||||||||
On March 28, 2014, BR Creekside, LLC, a special-purpose entity in which the Company holds a 24.706% indirect equity interest, sold the Creekside property to SIR Creekside, LLC, an unaffiliated third party, for $18,875,000, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for payment of the existing mortgage indebtedness encumbering the Creekside property in the approximate amount of $13.5 million and payment of closing costs and fees, excluding disposition fees of approximately $69,946 deferred by the Former Advisor, the sale of the Creekside property generated net proceeds to the Company of approximately $1.2 million based on its proportionate ownership interest. | ||||||||||||||
Consolidated_Investments
Consolidated Investments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Real Estate Disclosure [Text Block] | ' | ||||||||||||||||
Note 4 – Consolidated Investments | |||||||||||||||||
As of September 30, 2014, the major components of our consolidated real estate properties, MDA Apartments, Lansbrook Village, Village Green of Ann Arbor, Springhouse at Newport News, 23Hundred@Berry Hill, Grove at Waterford, Enders Place at Baldwin Park and North Park Towers were as follows: | |||||||||||||||||
Property | Land | Building | Construction | Furniture, | Total | ||||||||||||
and | in | Fixtures and | |||||||||||||||
Improvements | Progress | Equipment | |||||||||||||||
MDA Apartments | $ | 9,500,000 | $ | 51,557,101 | $ | — | $ | 680,982 | $ | 61,738,083 | |||||||
Lansbrook Village | 6,972,000 | 49,770,752 | — | 1,262,528 | 58,005,280 | ||||||||||||
Village Green of Ann Arbor | 4,200,000 | 51,321,384 | 214,804 | 1,156,357 | 56,892,545 | ||||||||||||
Springhouse at Newport News | 6,500,000 | 27,738,911 | — | 1,206,633 | 35,445,544 | ||||||||||||
23Hundred@Berry Hill | 5,000,000 | 25,361,478 | — | 1,877,436 | 32,238,914 | ||||||||||||
Grove at Waterford | 3,800,000 | 24,596,229 | 14,449 | 838,873 | 29,249,551 | ||||||||||||
Enders Place at Baldwin Park | 5,453,486 | 22,108,049 | — | 1,258,941 | 28,820,476 | ||||||||||||
$ | 41,425,486 | $ | 252,453,904 | $ | 229,253 | $ | 8,281,750 | $ | 302,390,393 | ||||||||
Less: accumulated depreciation – continuing operations | — | 8,609,679 | — | 1,426,715 | 10,036,394 | ||||||||||||
Total continuing operations | $ | 41,425,486 | $ | 243,844,225 | $ | 229,253 | $ | 6,855,035 | $ | 292,353,999 | |||||||
North Park Towers – held for sale | 1,400,000 | 13,139,984 | — | 524,231 | 15,064,215 | ||||||||||||
Less: accumulated depreciation – held for sale | — | 270,522 | — | 54,459 | 324,981 | ||||||||||||
Total held for sale | $ | 1,400,000 | $ | 12,869,462 | $ | — | $ | 469,772 | $ | 14,739,234 | |||||||
Total | $ | 42,825,486 | $ | 256,713,687 | $ | 229,253 | $ | 7,324,807 | $ | 307,093,233 | |||||||
Depreciation expense was $2,635,608 and $6,029,073 for the three and nine months ended September 30, 2014, respectively and $1,070,824 and $3,201,754 for the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||
Intangibles related to our consolidated investments in real estate consist of the value of in-place leases and deferred financing costs. In-place leases are amortized over the remaining term of the in-place leases, approximately a six-month term, and deferred financing costs are amortized over the life of the related loan. Amortization expense related to our in-place leases and deferred financing costs was $2,281,225 and $4,017,089 for the three and nine months ended September 30, 2014, respectively. Amortization expense related to our in-place leases and deferred financing costs was $157,321 and $1,381,809 for the three and nine months ended September 30, 2013, respectively. | |||||||||||||||||
Substantially concurrently with the completion of the IPO, the Company completed a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Oak Crest, which is accounted for under the equity method, and Springhouse, in which we already owned an interest and which has been consolidated for the periods presented). Since the completion of the IPO, the Company purchased an additional property for $58.6 million and made an aggregate commitment of $10.2 million, $8.5 million of which has been funded as of October 27, 2014, in preferred equity investments in two development projects with a total of 636 units. The total projected development cost for the two development projects, including land acquisition, is approximately $118.6 million. | |||||||||||||||||
Acquisition_of_Real_Estate
Acquisition of Real Estate | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Note 5 – Acquisition of Real Estate | |||||
The following describes the Company’s significant acquisition activity during 2014: | |||||
Acquisition of North Park Towers | |||||
On April 3, 2014, the Company, through BRG North Park Towers, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, or BRG North Park Towers, acquired all of North Park Towers’, or NPT’s, right, title and interest in a 100% fee simple interest in a 313-unit multifamily property located in Southfield, Michigan, or the NPT Property, pursuant to a contribution agreement, or the NPT Contribution Agreement. As consideration for the 100% fee simple interest of NPT in the NPT Property, or the NPT Consideration, the Operating Partnership issued 282,759 units of limited partnership interest in the Operating Partnership, or OP Units, with an approximate value of $4.1 million (net of assumed mortgages) to NPT, which, subsequent to the one-year anniversary after their receipt by NPT, will be redeemable for cash or exchangeable, at the Company’s option, for shares of the Company’s Class A common stock on a one-for-one basis, subject to certain adjustments. The NPT Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the equity interest of NPT in the NPT Property, which equity valuation was based on an independent third party appraisal of the NPT Property. | |||||
As further consideration for the 100% fee simple interest of NPT in the NPT Property, on April 3, 2014, the Company and the Operating Partnership entered into a Joinder By and Agreement of New Indemnitor, or NPT Joinder Agreement, with U.S. Bank National Association, as trustee for the benefit of the holders of COMM 2014-CCRE14 Mortgage Trust Commercial Mortgage Pass-Through Certificates, or the NPT Lender, pursuant to which R. Ramin Kamfar, the Company’s Chairman of the Board and Chief Executive Officer, was released from his obligations under a Guaranty of Recourse Obligations Agreement dated as of December 24, 2013, and an Environmental Indemnity Agreement dated as of December 24, 2013, both of which are related to approximately $11.5 million of indebtedness encumbering the NPT Property, and the Company and the Operating Partnership serve as replacement guarantors and indemnitors. | |||||
In conjunction with the consummation of the NPT Contribution Agreement and the purchase and sale of the NPT Property, BPM received a disposition fee of approximately $468,000, which was paid in the form of 32,276 OP Units, which OP Units would have otherwise been paid to NPT. Additionally, the Former Advisor received an acquisition fee of approximately $390,000 under the Advisory Agreement, which acquisition fee was paid in the form of 26,897 LTIP Units. The Advisory Agreement was terminated in connection with the completion of the IPO. | |||||
On August 28, 2014, the Company’s Investment Committee approved the plan to sell the North Park Towers property and the Company classified amounts related to the property as held for sale. | |||||
Acquisition of Interest in Village Green of Ann Arbor | |||||
On April 2, 2014, the Company, through BRG Ann Arbor, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, or BRG Ann Arbor, acquired all of Bluerock Special Opportunity + Income Fund II, LLC’s, or Fund II’s, right, title and interest in and to a 58.6084% limited liability company interest, or the Fund II VG Interest, in BR VG Ann Arbor JV Member, LLC, a Delaware limited liability company, or Ann Arbor JV Member, and all of Bluerock Special Opportunity + Income Fund III, LLC’s, or Fund III’s, right, title and interest in and to a 38.6084% limited liability company interest, or the Fund III VG Interest, in Ann Arbor JV Member, which is the owner and holder of a 50% limited liability company interest in Village Green of Ann Arbor Associates, LLC, a Michigan limited liability company, or VG Ann Arbor, which is the fee simple owner of a 520-unit multifamily property located in Ann Arbor, Michigan, or the Village Green Property. The acquisition of the Fund II VG Interest and the Fund III VG Interest, or collectively, the VG Interests, was made pursuant to a contribution agreement, or the VG Contribution Agreement. | |||||
As consideration for the Fund II VG Interest, the Company issued 293,042 unregistered shares of its Class A common stock with an approximate value of $4.2 million to Fund II, and as consideration for the Fund III VG Interest, the Company issued 193,042 unregistered shares of its Class A common stock with an approximate value of $2.8 million to Fund III, or collectively, the VG Consideration. The VG Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the indirect equity interest of Fund II and Fund III in the Village Green Property, which indirect equity valuation was based on an independent third party appraisal of the Village Green Property. | |||||
As further consideration for the VG Interests, on April 2, 2014, the Company entered into a Consent Agreement with Deutsche Bank Trust Company Americas, as Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Securities Inc. Multifamily Mortgage Pass-Through Certificates, Series 2013-K26, or the VG Lender, VG Ann Arbor, Fund II, Fund III, BRG Ann Arbor, the Operating Partnership and Jonathan Holtzman, which Consent Agreement released Fund II and Fund III from their obligations under a Guaranty entered into with the VG Lender, related to an approximate $43.2 million loan originally made by KeyCorp Real Estate Capital Markets, Inc., which loan encumbers the Village Green Property. | |||||
In conjunction with the consummation of the VG Contribution Agreement and the purchase and sale of the VG Interests, BR SOIF Manager II, LLC, or Fund II Manager, and BR SOIF III Manager, LLC, or Fund III Manager, received respective disposition fees of approximately $300,000 and $200,000 under the management agreements for Fund II and Fund III, respectively, which disposition fees were paid in the form of 23,322 and 11,523 unregistered shares of the Company’s Class A common stock, which would otherwise have been issued to Fund II and Fund III, respectively. Additionally, the Former Advisor received an acquisition fee of approximately $700,000 under the Advisory Agreement, which was paid in the form of 48,357 LTIP Units. The Advisory Agreement was terminated in connection with the completion of the IPO. | |||||
Acquisition of Additional Interest in Springhouse at Newport News | |||||
On April 2, 2014, the Company acquired through BEMT Springhouse, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, all of Bluerock Special Opportunity + Income Fund, LLC's, or Fund I’s, right, title and interest in and to a 49% limited liability company interest, or the Springhouse Interest, in BR Springhouse Managing Member, LLC, a Delaware limited liability company, which is the owner and holder of a 75% limited liability company interest in BR Hawthorne Springhouse JV, LLC, a Delaware limited liability company, which is the sole owner and holder of 100% of the limited liability company interests in BR Springhouse, LLC, a Delaware limited liability company, which is the fee simple owner of a 432-unit multifamily property located in Newport News, Virginia, or the Springhouse Property, in which the Company previously owned a 38.25% indirect equity interest. The acquisition of the Springhouse Interest was made pursuant to a contribution agreement, or the Springhouse Contribution Agreement. | |||||
The Company purchased the Springhouse Interest from Fund I in exchange for approximately $3.5 million in cash, or the Springhouse Consideration. The Springhouse Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the indirect equity interest of Fund I in the Springhouse Property, which indirect equity valuation was based on an independent third party appraisal of the Springhouse Property. | |||||
As further consideration for the Springhouse Interest, on April 2, 2014, the Company entered into an Indemnity Agreement with James G. Babb, III and R. Ramin Kamfar, pursuant to which, subject to certain exceptions, the Company agreed to indemnify and hold Mr. Babb and Mr. Kamfar, or collectively, the Guarantors, harmless from and against any loss, claim, liability or cost incurred by the Guarantors, or either of them, pursuant to the terms of those certain Guaranties provided by the Guarantors in conjunction with the indebtedness encumbering the Springhouse Property in the original principal amount of $23.4 million, or the Springhouse Loan, and the terms of a Backstop Agreement pursuant to which the Guarantors and other guarantors of the Springhouse Loan agreed to allocate amongst themselves liability which they might incur under the Guaranties or other guaranties provided in conjunction with the Springhouse Loan and to which the other guarantors are a party. | |||||
In conjunction with the consummation of the Springhouse Contribution Agreement and the purchase and sale of the Springhouse Interest, Bluerock received a disposition fee of approximately $350,000 under the management agreement for Fund I, which disposition fee was paid in cash and deducted from the Springhouse Consideration paid to Fund I. Additionally, the Former Advisor received an acquisition fee of approximately $300,000 under the Advisory Agreement, which acquisition fee was paid in the form of 20,593 LTIP Units. The Advisory Agreement was terminated in connection with the completion of the IPO. | |||||
Acquisition of Interest in Grove at Waterford | |||||
On April 2, 2014, the Company, through BRG Waterford, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, acquired all of Fund I’s right, title and interest in and to a 10% limited liability company interest, or the Fund I Waterford Interest, in BR Waterford JV Member, LLC, a Delaware limited liability company, or Waterford JV Member, and all of Fund II’s right, title and interest in and to a 90% limited liability company interest, or the Fund II Waterford Interest, in Waterford JV Member, which is the owner and holder of a 60% limited liability company interest in Bell BR Waterford Crossing JV, LLC, a Delaware limited liability company, which is the fee simple owner of a 252-unit multifamily property located in Hendersonville, Tennessee, or the Waterford Property. The acquisition of the Fund I Waterford Interest and the Fund II Waterford Interest, or collectively, the Waterford Interests, was made pursuant to a contribution agreement, or the Waterford Contribution Agreement. | |||||
As consideration for the Fund I Waterford Interest, the Company paid approximately $600,000 in cash to Fund I, and as consideration for the Fund II Waterford Interest, the Company issued 361,241 unregistered shares of its Class A common stock with an approximate value of $5.2 million to Fund II, collectively, the Waterford Consideration. The Waterford Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the indirect equity interest of Fund I and Fund II in the Waterford Property, which indirect equity valuation was based on an independent third party appraisal of the Waterford Property. | |||||
As further consideration for the Waterford Interests, the Company entered into an Assumption and Release Agreement, or the Release Agreement, related to approximately $20.1 million of indebtedness encumbering the Waterford Property, which Release Agreement provides for the assumption by the Company of the obligations of Fund I and Fund II under the terms of a Guaranty of Non-Recourse Obligations Agreement dated April 4, 2012, related to an approximate $20.1 million loan originally made by Walker & Dunlop, LLC, as subsequently assigned to Fannie Mae, which loan encumbers the Waterford Property. | |||||
In conjunction with the consummation of the Waterford Contribution Agreement and the purchase and sale of the Waterford Interests, Fund II Manager received a disposition fee of approximately $300,000 under the management agreement for Fund II, which disposition fee was paid in the form of 22,196 unregistered shares of the Company’s Class A common stock, which shares of Class A common stock would otherwise have been issued to Fund II. Further in connection with the Waterford Contribution Agreement and the purchase and sale of the Waterford Interests, Bluerock received a disposition fee of approximately $50,000 under the management agreement for Fund I, which disposition fee was paid in cash and deducted from the amount payable by the Company to Fund I. Additionally, the Former Advisor received an acquisition fee of approximately $450,000 under the Advisory Agreement, which acquisition fee was paid in the form of 30,828 LTIP Units. The Advisory Agreement was terminated in connection with the completion of the IPO. | |||||
Acquisition of Interest in Lansbrook Village | |||||
On May 23, 2014, Fund II, sold a 32.67% limited liability company interest in BR Lansbrook JV Member, LLC, or BR Lansbrook JV Member, to BRG Lansbrook, LLC, a wholly owned subsidiary of our Operating Partnership, for a purchase price of approximately $5.4 million in cash, and Fund III, sold a 52.67% limited liability company interest in BR Lansbrook JV Member to BRG Lansbrook, LLC, for a purchase price of approximately $8.8 million in cash. BR Lansbrook JV Member is the owner and holder of a 90% limited liability company interest in BR Carroll Lansbrook JV, LLC, which, as of September 30, 2014, owned 579 condominium units being operated as an apartment community within a 774-unit condominium property known as Lansbrook Village located in Palm Harbor, Florida, or the Lansbrook property. As further consideration for the Lansbrook acquisition, the Company was required to provide certain standard scope non-recourse carveout guarantees (and related hazardous materials indemnity agreements) related to approximately $42.0 million of indebtedness encumbering the Lansbrook property through a joinder to the loan agreement. The purchase price paid for the acquired interest was based on the amounts capitalized by Fund II and Fund III in the Lansbrook property plus an 8% annualized return for the period they held their respective interests in BR Lansbrook JV Member. The approximate dollar value attributed to Mr. Kamfar, as a result of his indirect ownership of Bluerock, was $183,689. Both Fund II and Fund III will continue to each own a 7.33% and 7.33%, respectively, limited liability interest in BR Lansbrook JV Member. | |||||
Acquisition of Additional Interest in Enders Property | |||||
As of June 30, 2014, through a joint venture, we held a 48.4% indirect equity interest in the Enders property. | |||||
On September 10, 2014, through the Enders property joint venture, the Company acquired an additional 41.1% indirect interest in the Enders property in exchange for approximately $4.4 million in cash and approximately $8.0 million in additional financing proceeds, such that the Company currently holds an indirect 89.5% interest therein. | |||||
Preliminary Purchase Price Allocation | |||||
The identifiable assets and liabilities associated with the acquisitions of the following properties: North Park Towers, Village Green of Ann Arbor, Grove at Waterford and Lansbrook Village, are based upon management's best available information at the time of the preparation of the financial statements. However, the business acquisition accounting for these properties is not complete and accordingly, such estimates of the value of acquired assets and liabilities are provisional until the valuation is finalized. Therefore, the provisional measurements of fair value reflected are subject to change and such changes could be significant. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practical, but no later than one year from the acquisition dates. | |||||
The above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition. | |||||
The following table summarizes the amounts of the assets acquired and liabilities assumed at the acquisition date. The amounts listed below reflect provisional amounts that will be updated as information becomes available. | |||||
Preliminary Purchase Price Allocation | |||||
Land | $ | 16,252,000 | |||
Building | 120,983,328 | ||||
Building improvements | 3,192,975 | ||||
Land improvements | 13,753,490 | ||||
Furniture and fixtures | 3,341,114 | ||||
In-place leases | 4,170,018 | ||||
Total assets acquired | $ | 161,692,925 | |||
Mortgages assumed | $ | 116,800,000 | |||
Total liabilities acquired | $ | 116,800,000 | |||
Equity_Method_Investments
Equity Method Investments | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||
Equity Method Investments Disclosure [Text Block] | ' | |||||||||||||
Note 6 – Equity Method Investments | ||||||||||||||
Following is a summary of the Company’s ownership interest in the investments we report under the equity method of accounting, which consists of The Estates at Perimeter/Augusta, the Villas at Oak Crest, UCF Orlando and Alexan CityCentre at September 30, 2014 and December 31, 2013. The carrying amount of the Company’s equity method investments as of September 30, 2014 and December 31, 2013 is summarized in the table below: | ||||||||||||||
Property | September 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
The Estates at Perimeter/Augusta | $ | 1,143,422 | $ | 1,212,456 | ||||||||||
Villas at Oak Crest | 3,177,674 | — | ||||||||||||
Alexan CityCentre | 4,883,049 | — | ||||||||||||
UCF Orlando | 3,629,345 | — | ||||||||||||
Other | 42,024 | 41,851 | ||||||||||||
Total | $ | 12,875,514 | $ | 1,254,307 | ||||||||||
The Company’s investments in the Villas at Oak Crest, UCF Orlando and Alexan CityCentre represent preferred equity investments and are summarized in the table below: | ||||||||||||||
Property | Current Pay | Accrued | Total Annualized | |||||||||||
Annualized | Annualized | Preferred Return | ||||||||||||
Preferred Return | Preferred Return | |||||||||||||
Villas at Oak Crest | 10.5 | % | 4.5 | % | 15 | % | ||||||||
Alexan CityCentre | 15 | % | — | 15 | % | |||||||||
UCF Orlando | 15 | % | — | 15 | % | |||||||||
The equity in income (loss) of unconsolidated joint ventures of the Company’s equity method investments for the three and nine months ended September 30, 2014 and 2013 is summarized in the table below: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Property | 2014 | 2013 | 2014 | 2013 | ||||||||||
The Estates at Perimeter/Augusta | $ | 8,196 | $ | 7,607 | $ | 4,170 | $ | 25,828 | ||||||
Villas at Oak Crest | 100,385 | — | 214,260 | — | ||||||||||
Alexan CityCentre | 181,096 | — | 181,096 | — | ||||||||||
UCF Orlando | 92,474 | — | 92,474 | — | ||||||||||
Other | 29,315 | -158,030 | 172 | -123,557 | ||||||||||
Equity in income (loss) of unconsolidated joint venture | $ | 411,466 | $ | -150,423 | $ | 492,172 | $ | -97,729 | ||||||
Summary unaudited financial information for The Estates at Perimeter/Augusta Balance Sheets as of September 30, 2014 and December 31, 2013 and Operating Statements for the three and nine months ended September 30, 2014 and 2013, is as follows: | ||||||||||||||
Property | Joint Venture | Managing Member | Indirect Equity | |||||||||||
Interest | LLC Interest | Interest in Property | ||||||||||||
The Estates at Perimeter/Augusta | 50 | % | 50 | % | 25 | % | ||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Balance Sheets: | ||||||||||||||
Real estate, net of depreciation | $ | 21,729,673 | $ | 22,188,399 | ||||||||||
Other assets | 409,884 | 394,866 | ||||||||||||
Total assets | $ | 22,139,557 | $ | 22,583,265 | ||||||||||
Mortgage payable | $ | 17,371,089 | $ | 17,600,839 | ||||||||||
Other liabilities | 210,846 | 139,465 | ||||||||||||
Total liabilities | $ | 17,581,935 | $ | 17,740,304 | ||||||||||
Stockholders’ equity | 4,557,622 | 4,842,961 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 22,139,557 | $ | 22,583,265 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Operating Statement: | ||||||||||||||
Rental revenues | $ | 694,499 | $ | 654,563 | $ | 1,991,847 | $ | 1,972,325 | ||||||
Operating expenses | -263,976 | -229,350 | -786,415 | -667,119 | ||||||||||
Income before mortgage interest, acquisition costs, and depreciation and amortization | 430,523 | 425,213 | 1,205,432 | 1,305,206 | ||||||||||
Mortgage interest | -188,713 | -192,007 | -562,437 | -572,117 | ||||||||||
Depreciation and amortization | -204,146 | -198,720 | -604,515 | -592,789 | ||||||||||
Net income | 37,664 | 34,486 | 38,480 | 140,300 | ||||||||||
Net income attributable to JV partners | -29,147 | -26,558 | -33,347 | -113,509 | ||||||||||
Net income attributable to the company | 8,517 | 7,928 | 5,133 | 26,791 | ||||||||||
Amortization of deferred financing costs paid on behalf of joint ventures | -321 | -321 | -963 | -963 | ||||||||||
Equity in income of unconsolidated joint venture | $ | 8,196 | $ | 7,607 | $ | 4,170 | $ | 25,828 | ||||||
Acquisition of Interest in Villas at Oak Crest | ||||||||||||||
On April 2, 2014, the Company, through BRG Oak Crest, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Operating Partnership, acquired all of Fund II’s right, title and interest in and to a 93.432% limited liability company interest, or the Oak Crest Interest, in BR Oak Crest Villas, LLC, a Delaware limited liability company, which is the owner and holder of a 71.9% limited liability company interest in Oak Crest Villas JV, LLC, a Delaware limited liability company, which is the owner and holder of 100% of the limited liability company interests in Villas Partners, LLC, a Delaware limited liability company, which is the fee simple owner of a 209-unit multifamily property located in Chattanooga, Tennessee, or the Oak Crest Property. The acquisition of the Oak Crest Interest was made pursuant to a contribution agreement, or the Oak Crest Contribution Agreement. The Oak Crest Interest is a preferred equity investment that earns a preferred return of 15%. | ||||||||||||||
As consideration for the Oak Crest Interest, the Company issued 200,143 unregistered shares of its Class A common stock, with an approximate value of $2.9 million, to Fund II, or the Oak Crest Consideration. The Oak Crest Consideration was subject to certain prorations and adjustments typical in a real estate transaction and was based on the value of the indirect equity interest of Fund II in the Oak Crest Property, which indirect equity valuation was based on an independent third party appraisal of the Oak Crest Property. | ||||||||||||||
In conjunction with the consummation of the Oak Crest Contribution Agreement and the purchase and sale of the Oak Crest Interest, Fund II Manager received a disposition fee of approximately $200,000 under the management agreement for Fund II, which disposition fee was paid in the form of 15,474 unregistered shares of the Company’s Class A common stock, which shares of Class A common stock would otherwise have been issued to Fund II. Additionally, the Former Advisor received an acquisition fee of approximately $300,000 under the Advisory Agreement, which acquisition fee was paid in the form of 19,343 LTIP Units. The Advisory Agreement was terminated in connection with the completion of the IPO. | ||||||||||||||
Investment in Alexan CityCentre Property | ||||||||||||||
On July 1, 2014, through a wholly-owned subsidiary of our Operating Partnership, we made a convertible preferred equity investment in a multi-tiered joint venture along with Bluerock Growth Fund, LLC, or BGF, Fund II and Fund III (collectively , the “BRG Co-Investors”), which are affiliates of our Manager, and an affiliate of Trammell Crow Residential, or TCR, to develop a 340-unit class A, apartment community located in Houston, Texas, to be known as Alexan CityCentre. | ||||||||||||||
For development of the Alexan CityCentre property and funding of any required reserves, the Company has made a capital commitment of $6,564,557, to acquire 100% of the preferred membership interests in BR T&C BLVD Member, LLC, or the BR Alexan Member, through a wholly-owned subsidiary of the Company’s Operating Partnership, BRG T&C BLVD Houston, LLC, or BRG Alexan. The BRG Co-Investors’ budgeted development-related capital commitments are as follows: BGF, $6.500 million; Fund II, $6.274 million; and Fund III, $4.360 million, to acquire 37.93%, 36.62% and 25.45% of the common membership interests in the BR Alexan Member, respectively. | ||||||||||||||
Under the operating agreement for BR Alexan Member, our preferred membership interest earns and shall be paid on a current basis a preferred return at the annual rate of 15.0% times the outstanding amount of our capital contributions made pursuant to our capital commitment. As of September 30, 2014 (i) we have funded $4,883,049 of our capital commitment leaving $1,681,508 remaining to be funded and (ii) the BRG Co-Investors have funded $15,140,005. BR Alexan Member may call for capital contributions in accordance with the requirements of the development budget for the Alexan CityCentre property and we are obligated to fund our share of them (limited by the amount of our capital commitment) within ten (10) days of our receipt of written notice of any such capital call, or the preferred return on our outstanding capital contributions shall be reduced to 7.0% annually. | ||||||||||||||
BR Alexan Member is required to redeem our preferred membership interests on the earlier of the date which is six (6) months following the maturity of the construction loan (including any extensions thereof but excluding refinancing), or any acceleration of the construction loan. On the redemption date, BR Alexan Member is required to pay us an amount equal to our outstanding net capital contributions to BR Alexan Member plus any accrued but unpaid preferred return. If BR Alexan Member does not redeem our preferred membership interest in full on the required redemption date, then any of our net capital contributions remaining outstanding shall accrue a preferred return at the rate of 20.0% per annum. | ||||||||||||||
We have the right, in our sole discretion, to convert our preferred membership interest in BR Alexan Member into a common membership interest for a period of six months from and after the date upon which 70% of the units in the Alexan CityCentre property have been leased, or the Alexan Conversion Trigger Date. Assuming that we and the BRG Co-Investors have made all of our budgeted development-related capital contributions as required, and all accrued preferred returns have been paid to us, upon conversion we will receive a common membership interest of 18.5% of the aggregate common membership interest in BR Alexan Member, or the Alexan Expected Interest, and the membership percentages of the BRG Co-Investors shall be adjusted accordingly. If the facts as of the Alexan Conversion Trigger Date are substantially different from the capital investment assumptions resulting in our receipt of the Alexan Expected Interest, then we and the BRG Co-Investors are required to confer and determine in good faith a new common membership interest percentage relative to our conversion. | ||||||||||||||
Prior to the exercise of the conversion right, BGF, Fund II and Fund III shall be the managers of BR Alexan Member, and shall have the power and authority to govern the business of BR Alexan Member, subject to the approval of certain “major decisions” by members holding a majority of the membership interests and subject to the further requirement that our economic interests and other rights in and to the Alexan CityCentre property may not be diluted or altered without our prior written consent. | ||||||||||||||
Investment in UCF Orlando Property | ||||||||||||||
On July 29, 2014, through a wholly-owned subsidiary of our Operating Partnership, we made a convertible preferred equity investment in a multi-tiered joint venture along with Fund I, an affiliate of our Manager, and CDP UCFP Developer, LLC, a Georgia limited liability company and non-affiliated entity, to develop a 296-unit class A apartment community located in Orlando, Florida, located in close proximity to the University of Central Florida and Central Florida Research Park, and will be a featured component of a master-planned, Publix-anchored retail development known as Town Park, or the UCF Orlando property. | ||||||||||||||
For development of the UCF Orlando property and funding of any required reserves, the Company has made a capital commitment of $3,629,345 to acquire 100% of the preferred membership interests in BR Orlando UCFP, LLC, or BR Orlando JV Member, through a wholly-owned subsidiary of our Operating Partnership, BRG UCFP Investor, LLC. | ||||||||||||||
Under the operating agreement for BR Orlando JV Member, our preferred membership interest earns and shall be paid on a current basis a preferred return at the annual rate of 15.0% on the outstanding amount of our capital contributions made pursuant to our capital commitment. To date we have fully funded our $3,629,345 capital commitment and Fund I has funded $4,885,290. | ||||||||||||||
We are not required to make any additional capital contributions beyond our capital commitment. However, if BR Orlando JV Member makes an additional capital call and Fund I does not fully fund it, then we may elect to fund such shortfall as an additional capital contribution, in which case those contributions will accrue a preferred return at the annual rate of 20.0% on the outstanding amount of such capital contributions. | ||||||||||||||
BR Orlando JV Member is required to redeem our preferred membership interests on the earlier of the date which is six (6) months following the maturity of the construction loan (including any extensions thereof but excluding refinancing), or any acceleration of the construction loan. On the redemption date, BR Orlando JV Member is required to pay us an amount equal to our outstanding net capital contributions to BR Orlando JV Member plus any accrued but unpaid preferred return. If BR Orlando JV Member does not redeem our preferred membership interest in full on the required redemption date, then any of our net capital contributions remaining outstanding shall accrue a preferred return at the rate of 20.0% per annum. | ||||||||||||||
We have the right, in our sole discretion, to convert our preferred membership interest in BR Orlando JV Member into a common membership interest for a period of six (6) months from and after the date upon which 70% of the units in the UCF Orlando property have been leased, or the Orlando Conversion Trigger Date. Assuming that we and Fund I have made all capital contributions as required, and all accrued preferred returns have been paid to us, upon conversion we will receive a common membership interest of 31% of the aggregate common membership interest in BR Orlando JV Member, or the Orlando Expected Interest, and the membership percentage of Fund I shall be adjusted accordingly. If the facts as of the Orlando Conversion Trigger Date are substantially different from the capital investment assumptions resulting in our receipt of the Orlando Expected Interest, then we and Fund I are required to confer and determine in good faith a new common membership interest percentage relative to our conversion. | ||||||||||||||
Prior to the exercise of the conversion right, Fund I shall be the manager of BR Orlando JV Member, and shall have the power and authority to govern the business of BR Orlando JV Member, subject to the approval of certain “major decisions” by members holding a majority of the membership interests and subject to the further requirement that our economic interests and other rights in and to the UCF Orlando property may not be diluted or altered without our prior written consent. | ||||||||||||||
Mortgages_Payable
Mortgages Payable | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Mortgage Notes Payable Disclosure [Text Block] | ' | ||||||||||
Note 7 – Mortgages Payable | |||||||||||
The following table summarizes certain information as of September 30, 2014, with respect to the Company’s indebtedness: | |||||||||||
Property | Outstanding | Interest | Fixed/ | Maturity Date | |||||||
Principal | Rate | Floating | |||||||||
Springhouse at Newport News | $ | 22,598,208 | 5.66 | % | Fixed | 1-Jan-20 | |||||
Enders Place at Baldwin Park(1) | 25,500,000 | 4.3 | % | Fixed | 1-Nov-22 | ||||||
23Hundred@Berry Hill(2) | 23,244,674 | 3 | % | Floating | 30-Sep-15 | ||||||
MDA Apartments | 37,600,000 | 5.35 | % | Fixed | 1-Jan-23 | ||||||
Village Green of Ann Arbor | 43,200,000 | 3.92 | % | Fixed | 1-Oct-22 | ||||||
Grove at Waterford | 20,100,000 | 3.59 | % | Fixed | 1-May-19 | ||||||
Lansbrook Village | 42,357,485 | 4.45 | % | Fixed | 31-Mar-18 | ||||||
Total | $ | 214,600,367 | |||||||||
Fair value adjustments | 714,243 | ||||||||||
Total continuing operations | $ | 215,314,610 | |||||||||
North Park Towers – held for sale | 11,500,000 | 5.65 | % | Fixed | 6-Jan-24 | ||||||
Total | $ | 226,814,610 | |||||||||
(1) The principal includes a $17,500,000 loan at a 3.97% interest rate and an $8,000,000 supplemental loan at a 5.01% interest rate. | |||||||||||
(2) The loan is based on a floating rate, which is benchmarked to three-month Libor plus 2.50% and may be extended for two additional twelve month periods at the option of the borrower. | |||||||||||
Line_of_Credit
Line of Credit | 9 Months Ended |
Sep. 30, 2014 | |
Line Of Credit Facility [Abstract] | ' |
Line Of Credit Facility [Text Block] | ' |
Note 8 – Line of Credit | |
As of December 31, 2013, the outstanding balance on the Company's working capital line of credit provided by Fund II and Fund III, both of which are affiliates of Bluerock, or the Fund LOC, was $7,571,223. On April 2, 2014, the Fund LOC was paid in full with the proceeds of the IPO and extinguished. There is no outstanding balance as of September 30, 2014. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
Note 9 – Fair Value of Financial Instruments | |
As of September 30, 2014 and December 31, 2013, the Company believes the carrying values of cash and cash equivalents and receivables and payables from affiliates, accounts payable, accrued liabilities and distributions payable approximate their fair values based on their highly-liquid nature and/or short-term maturities, including prepayment options. As of September 30, 2014, the carrying value and approximate fair value of the mortgages payable, as presented on the consolidated balance sheet, were $226.8 million and $227.8 million, respectively, inclusive of the North Park Towers mortgage payable. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs, as defined in ASC Topic 820, “Fair Value Measurement”) for similar types of borrowing arrangements. | |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions Disclosure [Text Block] | ' | |||||||
Note 10 – Related Party Transactions | ||||||||
In connection with the Company’s investments in the Enders Place at Baldwin Park, Berry Hill and MDA Apartments properties, it entered into the Fund LOC with Fund II and Fund III. As of December 31, 2013, the outstanding balance on the Company's working capital line of credit provided by Fund II and Fund III, both of which are affiliates of Bluerock, or the Fund LOC, was $7,571,223. On April 2, 2014, the Fund LOC was paid in full with the proceeds of the IPO and extinguished. There is no outstanding balance as of September 30, 2014. | ||||||||
In connection with the Company’s acquisition of an interest in the Villas at Oak Crest, the Company assumed a receivable of $302,763 from Fund II related to accrued interest on Fund II’s investment in the Villas at Oak Crest prior to the contribution of their interest to the Company. As of September 30, 2014, the Company has a payable to Fund II for this amount. | ||||||||
As of March 31, 2014, we were externally managed by our Former Advisor pursuant to the Advisory Agreement. In connection with the completion of the IPO, we terminated our Advisory Agreement with our Former Advisor, and we entered into a new management agreement, or Management Agreement, with BRG Manager, LLC, an affiliate of Bluerock, or the Manager, on April 2, 2014. The terms and conditions of the Management Agreement, which became effective as of April 2, 2014, and the Advisory Agreement, which was effective for the reported periods prior to April 2, 2014, are described below. | ||||||||
Management Agreement | ||||||||
The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that are approved and monitored by the Company’s board of directors, or the Board. The Manager’s role as manager is under the supervision and direction of the Board. Specifically, the Manager is responsible for (1) the selection, purchase and sale of the Company’s portfolio investments, (2) the Company’s financing activities, and (3) providing the Company with advisory services. | ||||||||
Pursuant to the terms of the Management Agreement, the Manager provides the Company with a management team, including a chief executive officer, president, chief accounting officer and chief operating officer, along with appropriate support personnel, to provide the management services to be provided by the Manager to the Company. None of the officers or employees of the Manager are dedicated exclusively to the Company. | ||||||||
We pay the Manager a base management fee in an amount equal to the sum of: (A) 0.25% of the Company’s stockholders’ existing and contributed equity prior to the IPO and in connection with our contribution transactions, per annum, calculated quarterly based on the Company’s stockholders’ existing and contributed equity for the most recently completed calendar quarter and payable in quarterly installments in arrears in cash, and (B) 1.5% of the equity per annum of the Company’s stockholders who purchase shares of the Company’s Class A common stock, calculated quarterly based on their equity for the most recently completed calendar quarter and payable in quarterly installments in arrears. The base management fee is payable independent of the performance of the Company’s investments. The base management fee expense for the Manager was $213,180 and $431,145 for the three and nine months ended September 30, 2014, respectively. | ||||||||
The Company also pays the Manager an incentive fee with respect to each calendar quarter in arrears. The incentive fee will be an amount, not less than zero, equal to the difference between (1) the product of (x) 20% and (y) the difference between (i) the Company’s adjusted funds from operations, or AFFO, for the previous 12-month period, and (ii) the product of (A) the weighted average of the issue price of equity securities issued in the IPO and in future offerings and transactions, multiplied by the weighted average number of all shares of the Company’s Class A common stock outstanding on a fully-diluted basis (including any restricted stock units, any restricted shares of Class A common stock, LTIP Units, and other shares of common stock underlying awards granted under the Incentive Plans and OP Units) in the previous 12-month period, exclusive of equity securities issued prior to the IPO or in the contribution transactions, and (B) 8%, and (2) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of such previous 12-month period; provided, however, that no incentive fee is payable with respect to any calendar quarter unless AFFO is greater than zero for the four most recently completed calendar quarters, or the number of completed calendar quarters since the closing date of the IPO, whichever is less. For purposes of calculating the incentive fee during the first 12 months after completion of the IPO, AFFO will be determined by annualizing the applicable period following completion of the IPO. One half of each quarterly installment of the incentive fee will be payable in LTIP Units, calculated pursuant to the formula above. The remainder of the incentive fee will be payable in cash or in LTIP Units, at the election of the Board, in each case calculated pursuant to the formula above. Management fee expense of $331,371 and $672,047 was recorded for the three and nine months ended September 30, 2014 related to the LTIP Units granted in connection with the IPO. There were no incentive fees paid to the Manager during either the three or nine months ended September 30, 2014. | ||||||||
The Company is also required to reimburse the Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. | ||||||||
The initial term of the Management Agreement expires on April 2, 2017 (the third anniversary of the closing of the IPO), and will be automatically renewed for a one-year term on each anniversary date thereafter unless previously terminated in accordance with the terms of the Management Agreement. Following the initial term of the Management Agreement, the Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors, based upon (1) unsatisfactory performance that is materially detrimental to the Company, or (2) the Company’s determination that the fees payable to the Manager are not fair, subject to the Manager’s right to prevent such termination due to unfair fees by accepting a reduction of the fees agreed to by at least two-thirds of the Company’s independent directors. The Company must provide 180 days’ prior notice of any such termination. Unless terminated for cause, as further described in the Management Agreement, the Manager will be paid a termination fee equal to three times the sum of the base management fee and incentive fee earned, in each case, by the Manager during the 12-month period immediately preceding such termination, calculated as of the end of the most recently completed fiscal quarter before the date of termination. The Company may also terminate the Management Agreement at any time, including during the initial term, without the payment of any termination fee, for cause with 30 days’ prior written notice from the Board. | ||||||||
During the initial three-year term of the Management Agreement, the Company may not terminate the Management Agreement except as described above or in the following circumstance: At the earlier of (i) April 2, 2017 (three years following the completion of the IPO), and (ii) the date on which the value of the Company’s stockholders’ equity exceeds $250 million, the Board may, but is not obligated to, internalize the Company’s management. The Manager may terminate the Management Agreement if it becomes required to register as an investment company under the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay a termination fee. In addition, if the Company defaults in the performance of any material term of the Management Agreement and the default continues for a period of 30 days after written notice to the Company, the Manager may terminate the Management Agreement upon 60 days’ written notice. If the Management Agreement is terminated by the Manager upon a breach by the Company, the Company is required to pay the Manager the termination fee described above. | ||||||||
Prior and Terminated Advisory Agreement | ||||||||
Prior to the entry by the Company into the Management Agreement upon the completion of the IPO and the concurrent termination of the Advisory Agreement, the Former Advisor performed its duties and responsibilities as the Company’s fiduciary under the Advisory Agreement. The Advisory Agreement had a one-year term expiring October 14, 2014, and was renewable for an unlimited number of successive one-year periods upon the mutual consent of the Company and its Advisor. The Former Advisor conducted the Company’s operations and managed its portfolio of real estate investments under the terms of the Advisory Agreement. | ||||||||
The Former Advisor was entitled to receive a monthly asset management fee for the services it provided pursuant to the Advisory Agreement. On September 26, 2012, the Company amended the Advisory Agreement to reduce the monthly asset management fee from one-twelfth of 1.0% of the higher of the cost or the value of each asset to one-twelfth of 0.65% of the higher of the cost or the value of each asset, where (A) cost equals the amount actually paid, excluding acquisition fees and expenses, to purchase each asset it acquires, including any debt attributable to the asset (including any debt encumbering the asset after acquisition), provided that, with respect to any properties the Company develops, constructs or improves, cost will include the amount expended by the Company for the development, construction or improvement, and (B) the value of an asset is the value established by the most recent independent valuation report, if available, without reduction for depreciation, bad debts or other non-cash reserves. The asset management fee was based only on the portion of the cost or value attributable to our investment in an asset if the Company did not own all of an asset. | ||||||||
Pursuant to the Advisory Agreement, the Former Advisor was entitled to receive an acquisition fee for its services in connection with the investigation, selection, sourcing, due diligence and acquisition of a property or investment. On September 26, 2012, the Company amended its Advisory Agreement to increase the acquisition fee from 1.75% to 2.50% of the purchase price. The purchase price of a property or investment was equal to the amount paid or allocated to the purchase, development, construction or improvement of a property, inclusive of expenses related thereto, and the amount of debt associated with such real property or investment. The purchase price allocable for joint venture investments was equal to the product of (1) the purchase price of the underlying property and (2) the Company’s ownership percentage in the joint venture. Total acquisition and disposition expenses of $362,819 and $399,284 were incurred during the three months ended September 30, 2014 and 2013, respectively, of which none and $399,284 were for the Former Advisor for the three months ended September 30, 2014 and 2013, respectively. Total acquisition and disposition expenses of $4,330,608 and $542,302 were incurred during the nine months ended September 30, 2014 and 2013, respectively, of which $2,187,183 and $476,840 were for the Former Advisor for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||
The Former Advisor was also entitled to receive a financing fee for any loan or line of credit, made available to the Company. The Former Advisor was entitled to re-allow some or all of this fee to reimburse third parties with whom it subcontracted to procure such financing for the Company. On October 21, 2013, the Company amended its Advisory Agreement to decrease the financing fee from 1.0% to 0.25% of any loan made to the Company. In addition, to the extent the Former Advisor provided a substantial amount of services in connection with the disposition of one or more of our properties or investments (except for securities traded on a national securities exchange), the Former Advisor would receive fees equal to the lesser of (A) 1.5% of the sales price of each property or other investment sold or (B) 50% of the selling commission that would have been paid to a third-party broker in connection with such a disposition. In no event were disposition fees paid to the Former Advisor or its affiliates and unaffiliated third parties to exceed in the aggregate 6% of the contract sales price. On October 21, 2013, the Company amended its Advisory Agreement to change the disposition fee to only 1.5% of the sales price of each property or other investment sold, such that the disposition fee was no longer determined based on selling commissions payable to third-party sales brokers. | ||||||||
In addition to the fees payable to the Former Advisor, the Company reimbursed the Former Advisor for all reasonable expenses incurred in connection with services provided to the Company, subject to the limitation that it would not reimburse any amount that would cause the Company’s total operating expenses at the end of the four preceding fiscal quarters to exceed the greater of 2% of our average invested assets or 25% of its net income determined (1) without reductions for any additions to reserves for depreciation, bad debts or other similar non-cash reserves and (2) excluding any gain from the sale of our assets for the period. Notwithstanding the above, the Company was permitted to reimburse amounts in excess of the limitation if a majority of its independent directors determined such excess amount was justified based on unusual and non-recurring factors. If such excess expenses were not approved by a majority of the Company’s independent directors, the Former Advisor was required to reimburse us at the end of the four fiscal quarters the amount by which the aggregate expenses during the period paid or incurred by us exceeded the limitations provided above. The Company was not permitted to reimburse the Former Advisor for personnel costs in connection with services for which the Former Advisor received acquisition, asset management or disposition fees. Due to the limitation discussed above and because operating expenses incurred directly by the Company exceeded the 2% threshold, the Board, including all of its independent directors, reviewed the total operating expenses for the four fiscal quarters ended December 31, 2013 and the Company’s total operating expenses for the four fiscal quarters ended March 31, 2014 and unanimously determined the excess amounts to be justified because of the costs of operating a public company in its early stage of operation and the Company’s initial difficulties with raising capital, which are expected to be non-recurring. As the Board has previously approved such expenses, all operating expenses for the year ended 2013 and the three months ended March 31, 2014 have been expensed as incurred. | ||||||||
The Company issued 1,000 shares of convertible stock, par value $0.01 per share, to the Former Advisor. Pursuant to the Advisory Agreement, upon completion of the IPO, the convertible stock was convertible to shares of common stock if and when: (A) the Company has made total distributions on the then outstanding shares of its common stock equal to the original issue price of those shares plus an 8% cumulative, non-compounded, annual return on the original issue price of those shares or (B) subject to specified conditions, the Company listed its common stock for trading on a national securities exchange. We listed shares of our Class A common stock on the NYSE MKT on March 28, 2014. At that time, the terms for converting the convertible stock would not be achieved and we amended our charter on March 26, 2014 to remove the convertible stock as an authorized class of our capital stock. | ||||||||
In general, under the Advisory Agreement, the Company contracted property management services for certain properties directly to non-affiliated third parties, in which event it was to pay the Former Advisor an oversight fee equal to 1% of monthly gross revenues of such properties. | ||||||||
All of the Company’s executive officers and some of its directors are also executive officers, managers and/or holders of a direct or indirect controlling interest in the Manager and other Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders. | ||||||||
Some of the material conflicts that the Manager or its affiliates face are: 1) the determination of whether an investment opportunity should be recommended to us or another Bluerock-sponsored program or Bluerock-advised investor; 2) the allocation of the time of key executive officers, directors, and other real estate professionals among the Company, other Bluerock-sponsored programs and Bluerock-advised investors, and the activities in which they are involved; and 3) the fees received by the Manager and its affiliates. | ||||||||
During the first quarter of 2014, the Company was reimbursed approximately $508,000 by our Former Advisor for certain organizational and offering costs related to the Company's continuous registered offering on Form S-11 (File No. 333-153135). | ||||||||
Pursuant to the terms of the Advisory Agreement and the Management Agreement, summarized below are the related party amounts payable to our Former Advisor and the Manager, as of September 30, 2014 and December 31, 2013. | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Amounts Payable to the Former Advisor under our Prior and Terminated Advisory Agreement | ||||||||
Asset management and oversight fees | $ | 404,147 | $ | 966,396 | ||||
Acquisition fees and disposition fees | 739,978 | 801,169 | ||||||
Financing fees | 35,670 | 35,670 | ||||||
Reimbursable operating expenses | — | 295,146 | ||||||
Reimbursable offering costs | — | 193,112 | ||||||
Reimbursable organizational costs | — | 49,931 | ||||||
Total payable to the Former Advisor | $ | 1,179,795 | $ | 2,341,424 | ||||
Amounts Payable to the Manager under the New Management Agreement | ||||||||
Base management fee | 213,180 | — | ||||||
Reimbursable operating expenses | 81,856 | — | ||||||
Total related-party amounts payable to Former Advisor and Manager | $ | 1,474,831 | $ | 2,341,424 | ||||
As of September 30, 2014 and December 31, 2013, we had $308,698 and $17,748, respectively, in payables due to related parties other than our Manager and Former Advisor. | ||||||||
As of September 30, 2014 and December 31, 2013, we had $543,535 and $8,960, respectively, in receivables due to us from related parties other than our Manager and Former Advisor. | ||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Stockholders Equity Note [Abstract] | ' | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||
Note 11 – Stockholders’ Equity | ||||||||||||||
Net Income (Loss) Per Common Share | ||||||||||||||
Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders, less dividends on restricted stock expected to vest plus gains on redemptions on common stock, by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net income (loss) attributable to common stockholders is computed by adjusting net income (loss) for the non-forfeitable dividends paid on non-vested restricted stock. | ||||||||||||||
The following table reconciles the components of basic and diluted net loss per common share: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net (loss) income from continuing operations attributable to common stockholders(3) | $ | -2,260,706 | $ | 534,388 | -7,852,370 | $ | -1,798,372 | |||||||
Dividends on restricted stock expected to vest and OP Units(3) | -90,485 | -2,773 | -135,596 | -8,409 | ||||||||||
Gain on redemption of common stock(2) | — | — | — | 1,575 | ||||||||||
Basic net (loss) income from continuing operations attributable to common stockholders(3) | $ | -2,351,191 | $ | 531,615 | $ | -7,987,966 | $ | -1,805,206 | ||||||
Basic net income (loss) from discontinued operations attributable to common stockholders(3) | $ | 114,115 | $ | -2,675 | $ | 123,040 | $ | -92,211 | ||||||
Weighted average common shares outstanding(3) | 5,877,417 | 1,048,854 | 4,269,378 | 1,024,997 | ||||||||||
Potential dilutive shares(1) | — | 6,908 | — | — | ||||||||||
Weighted average common shares outstanding and potential dilutive shares(4) | 5,887,417 | 1,055,762 | 4,269,378 | 1,024,997 | ||||||||||
Basic (loss) income from continuing operations per share(3) | $ | -0.4 | $ | 0.51 | $ | -1.87 | $ | -1.76 | ||||||
Basic income (loss) from discontinued operations per share(3) | $ | 0.02 | $ | — | $ | 0.03 | $ | -0.09 | ||||||
Diluted (loss) income from continued operations per share(4) | $ | -0.4 | $ | 0.5 | $ | -1.87 | $ | -1.76 | ||||||
Diluted income (loss) from discontinued operations per share(4) | $ | 0.02 | $ | — | $ | 0.03 | $ | -0.09 | ||||||
The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed below. | ||||||||||||||
-1 | Excludes 4,794 and 5,726 shares of Class B common stock and 282,759 and 188,506 OP Units for the three and nine months ended September 30, 2014, respectively, and 7,059 shares of Class B common stock for the nine months ended September 30, 2013, related to non-vested restricted stock and OP Units, as the effect would be anti-dilutive. Also excludes any potential dilution related to the 1,000 shares of convertible stock outstanding as of September 30, 2013, as there would be no conversion into common shares. | |||||||||||||
-2 | Represents the difference between the fair value and carrying amount of the common stock upon redemption. | |||||||||||||
-3 | For 2014, amounts relate to shares of the Company’s Class A, Class B-1, B-2, B-3 common stock and LTIP Units outstanding. For 2013, amounts relate to common shares outstanding. | |||||||||||||
-4 | For 2014, amounts relate to shares of the Company’s Class A, Class B-1, B-2, B-3 common stock and OP and LTIP Units outstanding. For 2013, amounts relate to common shares outstanding. For 2014, amounts exclude OP Units as the effect would be anti-dilutive. | |||||||||||||
Common Stock | ||||||||||||||
The Company raised capital in a continuous registered offering, carried out in a manner consistent with offerings of non-listed REITs, from its inception until September 9, 2013, when it terminated the continuous registered offering in connection with the Board’s consideration of strategic alternatives to maximize value to the Company’s stockholders. Through September 9, 2013, the Company had raised an aggregate of $22.6 million in gross proceeds through its continuous registered offering, including its distribution reinvestment plan. | ||||||||||||||
On January 23, 2014, the Company's stockholders approved the second articles of amendment and restatement to our charter, or Second Charter Amendment, that provided, among other things, for the designation of a new share class of Class A common stock, and for the change of each existing outstanding share of our common stock into: | ||||||||||||||
• | 1/3 of a share of our Class B-1 common stock; plus | |||||||||||||
• | 1/3 of a share of our Class B-2 common stock; plus | |||||||||||||
• | 1/3 of a share of our Class B-3 common stock. | |||||||||||||
This transaction was effective upon filing the Second Charter Amendment with the State Department of Assessments and Taxation of the State of Maryland on March 26, 2014. Immediately following the filing of the Second Charter Amendment, we effectuated a 2.264881 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. | ||||||||||||||
We refer to Class B-1 common stock, Class B-2 common stock and Class B-3 common stock collectively as “Class B” common stock. We listed our Class A common stock on the NYSE MKT on March 28, 2014. Our Class B common stock is identical to our Class A common stock, except that (i) we do not intend to list our Class B common stock on a national securities exchange, and (ii) shares of our Class B common stock will convert automatically into shares of Class A common stock at specified times, as follows: | ||||||||||||||
• | March 23, 2015, in the case of our Class B-1 common stock; | |||||||||||||
• | September 19, 2015, in the case of our Class B-2 common stock; and | |||||||||||||
• | March 17, 2016, in the case of our Class B-3 common stock. | |||||||||||||
Operating Partnership and Long-Term Incentive Plan Units | ||||||||||||||
On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership, or the Partnership Agreement Amendment, of its Operating Partnership, Bluerock Residential Holdings, L.P. Pursuant to the Partnership Agreement Amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The limited partners of the Operating Partnership, which are also parties to the Partnership Agreement Amendment, are Bluerock REIT Holdings, LLC, our Manager, BR-NPT Springing Entity, LLC, or NPT, Bluerock Property Management, LLC, or BPM, and the Company’s former advisor, Bluerock Multifamily Advisor, LLC, or our Former Advisor, all of which are affiliates of the Company. | ||||||||||||||
Prior to the completion of the IPO, the Company owned, directly and indirectly, 100% of the limited partnership units in the Operating Partnership. Effective as of the completion of the IPO, limited partners other than the Company now own approximately 9.87% of the Operating Partnership (4.59% are held by OP Unit holders and 5.28% are held by LTIP Unit holders.) | ||||||||||||||
The Partnership Agreement Amendment provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests, which are units of limited partnership interest, or OP Units, and the Operating Partnership’s long-term incentive plan units, or LTIP Units. In calculating the percentage interests of the partners of the Operating Partnership, holders of LTIP Units are treated as holders of OP Units and LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to liquidating distributions. However, the Partnership Agreement Amendment provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations will be allocated first to the holders of LTIP Units until the capital account per unit of LTIP Unit holders is equal to the average capital account per-unit of the Company’s OP Units in the Operating Partnership. We expect that the Operating Partnership will issue OP Units to limited partners, including the Company, in exchange for capital contributions of cash or property, and will issue LTIP Units pursuant to the Company’s 2014 Equity Incentive Plan for Individuals and 2014 Equity Incentive Plan for Entities, or collectively the Incentive Plans, to persons who provide services to the Company, including the Company’s officers, directors and employees. | ||||||||||||||
Pursuant to the Partnership Agreement Amendment, any holders of OP Units other than the Company or its subsidiaries, will receive redemption rights, which, subject to certain restrictions and limitations, will enable them to cause the Operating Partnership to redeem their OP Units in exchange for cash or, at the Company’s option, shares of the Company’s Class A common stock on a one-for-one basis. The Company has agreed to file, not earlier than one year after the closing of the IPO, one or more registration statements registering the issuance or resale of shares of its Class A common stock issuable upon redemption of the OP Units issued upon conversion of LTIP Units, which include those issued to the Manager and the Former Advisor. Subject to certain exceptions, the Operating Partnership will pay all expenses in connection with the exercise of registration rights under the Partnership Agreement Amendment. | ||||||||||||||
Share Repurchase Plan and Redeemable Common Stock | ||||||||||||||
On June 27, 2013, following a meeting of its Board, the Company decided to explore strategic alternatives to enhance the growth of its portfolio. In anticipation of its review of strategic alternatives, the Board, including all of the Company’s independent directors, voted to suspend the Company’s share repurchase plan as of June 27, 2013 through the third quarter of 2013. In addition, the Board, including all of the Company’s independent directors, voted to suspend payment of pending repurchase requests under the share repurchase plan that were queued as of June 27, 2013 for repurchase. | ||||||||||||||
On August 23, 2013, the Board, including all of the Company’s independent directors, voted to terminate the Company’s Distribution Reinvestment Plan, or the DRP. The termination of the DRP eliminated the source of proceeds for the repurchase of shares under the share repurchase plan and, therefore, the Board, including all of the Company’s independent directors, voted to terminate the share repurchase plan, effective as of September 9, 2013. | ||||||||||||||
The aggregate amount of any accrued redemptions and redeemable common stock were reclassified back to additional paid-in capital at that time. | ||||||||||||||
Stock-based Compensation for Independent Directors | ||||||||||||||
Prior to the Company’s IPO on April 2, 2014, the Company’s independent directors received an automatic grant of 5,000 shares of restricted stock on the initial effective date of the continuous registered offering and received an automatic grant of 2,500 shares of restricted stock when such directors were re-elected at each annual meeting of the Company’s stockholders thereafter through the 2013 annual meeting on August 5, 2013. To the extent allowed by applicable law, the independent directors were required to pay any purchase price for these grants of restricted stock. The restricted stock vested 20% at the time of the grant and 20% on each anniversary thereafter over four years from the date of the grant. All restricted stock receive distributions, whether vested or unvested. The value of the restricted stock granted was determined at the date of grant. Commencing with the Company’s IPO, the Directors will no longer receive automatic grants upon appointment or reelection at each annual meeting of the Company’s stockholders. | ||||||||||||||
A summary of the status of the Company’s non-vested shares as of September 30, 2014, and changes during the nine months ended September 30, 2014, is as follows: | ||||||||||||||
Non Vested shares | Shares(1) | Weighted average grant-date | ||||||||||||
fair value(1) | ||||||||||||||
Balance at January 1, 2014 | 6,593 | $ | 150,000 | |||||||||||
Granted | — | — | ||||||||||||
Vested | -2,637 | -60,000 | ||||||||||||
Forfeited | — | — | ||||||||||||
Balance at September 30, 2014 | 3,956 | $ | 90,000 | |||||||||||
(1) The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above. | ||||||||||||||
At September 30, 2014, there was $82,500 of total unrecognized compensation cost related to unvested restricted stocks granted under the independent director compensation plan. The original cost is expected to be recognized over a period of four years. The total fair value of shares vested during the nine months ended September 30, 2014 was $60,000. | ||||||||||||||
The Company currently uses authorized and unissued shares to satisfy share award grants. | ||||||||||||||
Distributions | ||||||||||||||
On December 27, 2013, the Board authorized, and the Company declared, distributions on its common stock, for the month of January 2014 at a rate of $0.05945211 per share to stockholders of record at the close of business on January 31, 2014. Distributions payable to each stockholder of record were paid in cash on February 3, 2014. | ||||||||||||||
On March 13, 2014, the Board authorized, and the Company declared, distributions on its common stock, for the month of February 2014, at a rate of $0.05369868 per share for stockholders of record at the end of business on February 28, 2014. Distributions payable to each stockholder of record were paid in cash on or before the 15th day of the following month. | ||||||||||||||
On April 8, 2014, the Board declared monthly dividends for the second quarter of 2014 equal to a quarterly rate of $0.29 per share on both the Company’s Class A common stock and Class B common stock, payable to the stockholders of record as of April 25, 2014, May 25, 2014 and June 25, 2014, which will be paid in cash on May 5, 2014, June 5, 2014 and July 5, 2014, respectively. Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. | ||||||||||||||
The declared dividends equal a monthly dividend on the Class A common stock and the Class B common stock as follows: $0.096666 per share for the distributions paid to stockholders of record as of April 25, 2014, $0.096667 per share for the distributions paid to stockholders of record as of May 25, 2014, and $0.096667 per share for the distributions paid to stockholders of record as of June 25, 2014. A portion of each distribution may constitute a return of capital for tax purposes. | ||||||||||||||
On July 10, 2014, the Board declared monthly dividends for the third quarter of 2014 equal to a quarterly rate of $0.29 per share on the Company’s Class A common stock and $0.29 per share on the Company’s Class B common stock, payable to the stockholders of record as of July 25, 2014, August 25, 2014 and September 25, 2014, which will be paid in cash on August 5, 2014, September 5, 2014 and October 5, 2014, respectively. Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. | ||||||||||||||
The declared dividends equal a monthly dividend on the Class A common stock and the Class B common stock as follows: $0.096667 per share for the dividend paid to stockholders of record as of July 25, 2014, $0.096667 per share for the dividend paid to stockholders of record as of August 25, 2014, and $0.096666 per share for the dividend paid to stockholders of record as of September 25, 2014. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. | ||||||||||||||
Distributions for the nine months ended September 30, 2014 were as follow: | ||||||||||||||
Distributions | ||||||||||||||
2014 | Declared | Paid | ||||||||||||
First Quarter | ||||||||||||||
Common Stock | $ | 273,028 | $ | 416,491 | ||||||||||
Class A Common Stock | - | - | ||||||||||||
Class B-1 Common Stock | - | - | ||||||||||||
Class B-2 Common Stock | - | - | ||||||||||||
Class B-3 Common Stock | - | - | ||||||||||||
OP Units | - | - | ||||||||||||
LTIP Units | - | - | ||||||||||||
Total | $ | 273,028 | $ | 416,491 | ||||||||||
Second Quarter | ||||||||||||||
Common Stock | $ | - | $ | - | ||||||||||
Class A Common Stock | 1,303,740 | 869,150 | ||||||||||||
Class B-1 Common Stock | 102,549 | 68,365 | ||||||||||||
Class B-2 Common Stock | 102,549 | 68,365 | ||||||||||||
Class B-3 Common Stock | 102,549 | 68,365 | ||||||||||||
OP Units | 82,000 | 54,667 | ||||||||||||
LTIP Units | 94,418 | 62,945 | ||||||||||||
Total | $ | 1,787,805 | $ | 1,191,857 | ||||||||||
Third Quarter | ||||||||||||||
Common Stock | $ | - | $ | - | ||||||||||
Class A Common Stock | 1,303,765 | 1,303,771 | ||||||||||||
Class B-1 Common Stock | 102,552 | 102,552 | ||||||||||||
Class B-2 Common Stock | 102,552 | 102,552 | ||||||||||||
Class B-3 Common Stock | 102,552 | 102,552 | ||||||||||||
OP Units | 82,000 | 82,000 | ||||||||||||
LTIP Units | 94,418 | 94,418 | ||||||||||||
Total | $ | 1,787,839 | $ | 1,787,845 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 12 – Commitments and Contingencies | |
The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company. | |
Economic_Dependency
Economic Dependency | 9 Months Ended |
Sep. 30, 2014 | |
Economic Dependency Disclosure [Abstract] | ' |
Economic Dependency Disclosure [Text Block] | ' |
Note 13 – Economic Dependency | |
The Company is dependent on its Manager, an affiliate of Bluerock, to provide external management services for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of properties and other investments; management of the daily operations of its real estate portfolio; and other general and administrative responsibilities. In the event that the Manager or its affiliates are unable to provide the respective services, the Company will be required to obtain such services from other sources. | |
Subsequent_Events
Subsequent Events | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Subsequent Events [Abstract] | ' | |||||||||||||
Subsequent Events [Text Block] | ' | |||||||||||||
Note 14 – Subsequent Events | ||||||||||||||
Follow-On Offering | ||||||||||||||
On October 8, 2014, the Company closed its Follow-On Offering of 3,035,444 shares of its Class A common stock, inclusive of shares sold pursuant to the full exercise of the overallotment option by the underwriters, at a public offering price of $11.90 per share. Net proceeds of the Follow-On Offering were approximately $33.1 million after deducting underwriting discounts and commissions and estimated offering expenses. The Follow-On Shares were registered with the SEC pursuant to a registration statement on Form S-11 (File No. 333-198770), as the same may be amended and/or supplemented, or the Registration Statement, under the Securities Act of 1933. | ||||||||||||||
Acquisition of Interest in ARIUM Grande Lakes | ||||||||||||||
On November 4, 2014, the Company, through its Operating Partnership, through BRG Grande Lakes, LLC, a Delaware limited liability company and a wholly owned subsidiary of our Operating Partnership, or BRG Grande Lakes, acquired a ninety five percent (95.0%) limited liability company interest, or the BRG Grande Lakes Interest, in BR Carroll Grande Lakes JV, LLC, or BR Carroll JV Entity, which is the owner and holder of a 100% limited liability company interest in BR Carroll Arium Grande Lakes Owner, LLC, a Delaware limited liability company, or Property Owner. Property Owner concurrently acquired a 306-unit Class A apartment community located in Orlando, Florida known as Venue Apartments, which, in connection with the acquisition, is being rebranded as ARIUM Grande Lakes, or the Grande Lakes Property. | ||||||||||||||
Declaration of Dividends | ||||||||||||||
On October 10, 2014, the Board declared monthly dividends for the fourth quarter of 2014 equal to a quarterly rate of $0.29 per share on the Company’s Class A common stock and $0.29 per share on the Company’s Class B common stock, payable to the stockholders of record as of October 25, 2014, November 25, 2014 and December 25, 2014, which will be paid in cash on November 5, 2014, December 5, 2014 and January 5, 2015, respectively. Holders of OP and LTIP Units are entitled to receive "distribution equivalents" at the same time as dividends are paid to holders of the Company's Class A common stock. | ||||||||||||||
The declared dividends equal a monthly dividend on the Class A common stock and the Class B common stock as follows: $0.096666 per share for the dividend paid to stockholders of record as of October 25, 2014, $0.096667 per share for the dividend paid to stockholders of record as of November 25, 2014, and $0.096667 per share for the dividend paid to stockholders of record as of December 25, 2014. A portion of each dividend may constitute a return of capital for tax purposes. There is no assurance that the Company will continue to declare dividends or at this rate. | ||||||||||||||
Distributions Paid | ||||||||||||||
The following distributions were paid to the Company's holders of Class A, Class B-1, Class B-2 and B-3 common stock as well as holders of OP and LTIP Units subsequent to September 30, 2014: | ||||||||||||||
Shares | Declaration | Record Date | Date Paid | Distributions | Total | |||||||||
Date | per Share | Distribution | ||||||||||||
Class A Common Stock | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 434,585 | |||||||
Class B-1 Common Stock | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
Class B-2 Common Stock | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
Class B-3 Common Stock | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
OP Units | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 27,333 | |||||||
LTIP Units | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 31,473 | |||||||
Class A Common Stock | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 728,010 | |||||||
Class B-1 Common Stock | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
Class B-2 Common Stock | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
Class B-3 Common Stock | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
OP Units | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 27,333 | |||||||
LTIP Units | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 31,473 | |||||||
Total | $ | 1,485,311 | ||||||||||||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation and Basis of Presentation | |
The Company operates as an umbrella partnership REIT in which our subsidiary and Operating Partnership, Bluerock Residential Holdings, L.P., a Delaware limited partnership, or its wholly owned subsidiaries, owns substantially all of the property interests acquired on its behalf. | |
Because the Company is the sole general partner of its Operating Partnership and has unilateral control over its management and major operating decisions, the accounts of our Operating Partnership are consolidated in its consolidated financial statements. All significant intercompany accounts and transactions are eliminated in consolidation. The Company will consider future majority owned and controlled joint ventures for consolidation in accordance with the provisions of Topic 810, “Consolidation” of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). | |
Certain amounts in prior year presentations have been reclassified to conform with the current period presentation. Amounts associated with the Company's Enders Place at Baldwin Park property, which was classified as held for sale at December 31, 2013 in the consolidated balance sheet for that period, have been reclassified to continuing operations, as the Company no longer has the intent to sell the property. As a result of the sale of The Reserve at Creekside Village, a 192-unit garden-style apartment community located in Chattanooga, Tennessee, or the Creekside property, on March 28, 2014, amounts associated with the Creekside property in the statements of operations for the three and nine months ended September 30, 2013 have been reclassified to discontinued operations. See Note 3, “Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests” for further explanation. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. At the property level, these estimates include such items as purchase price allocations of real estate acquisitions, impairment of long-lived assets, depreciation and amortization, and allowance for doubtful accounts. Actual results could differ from those estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
New Accounting Pronouncements | |
In May 2014, FASB issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers”, (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance when it becomes effective on January 1, 2017. Early adoption is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. We have not yet selected a transition method and are evaluating the impact that ASU 2014-09 will have on our consolidated financial statements and related disclosures. | |
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU No. 2014-08”). ASU No. 2014-08 limits discontinued operations reporting to disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: a) the component of an entity or group of components of an entity meets the criteria to be classified as held for sale; b) the component of an entity or group of components of an entity is disposed of by sale; and c) the component of an entity or group of components of an entity is disposed of other than by sale. ASU No. 2014-08 also requires additional disclosures about discontinued operations. ASU No. 2014-08 is effective for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted ASU No. 2014-08 for the reporting period beginning January 1, 2014. As a result of the adoption of ASU No. 2014-08, results of operations for properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated statements of operations, to the extent such disposals did not meet the criteria for classification as a discontinued operation. Additionally, any gain or loss on sale of real estate that do not meet the criteria for classification as a discontinued operation would be presented, on the consolidated statements of operations, in continuing operations. ASU No. 2014-08 did not have an impact on the presentation of the Company’s financial statements upon adoption. Early adoption is not permitted for assets that have previously been reported as held for sale in the consolidated financial statements. Therefore, application of this new guidance was not permitted for the Company’s Creekside property, which was reported as held for sale in the Company’s Annual Report on Form 10-K for the twelve month period ended December 31, 2013 and in the Company’s Quarterly Report on Form 10-Q for the three month period ended March 31, 2014. | |
Real_Estate_Assets_Held_for_Sa1
Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Real Estate Assets Held for Development and Sale [Abstract] | ' | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||||||||
The following is a summary of the results of operations of the Creekside property classified as discontinued operations at September 30, 2014, for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Total revenues | $ | — | $ | 549,874 | $ | 508,114 | $ | 1,588,052 | ||||||
Expenses | ||||||||||||||
Property operating | 114,115 | -164,754 | -75,931 | -524,700 | ||||||||||
Depreciation and amortization | — | -166,459 | -183,636 | -494,670 | ||||||||||
Asset management and oversight fees to affiliates | — | -8,308 | -8,040 | -24,925 | ||||||||||
Real estate taxes and insurance | — | -91,492 | -95,349 | -270,296 | ||||||||||
Income on operations of rental property | $ | 114,115 | $ | 118,861 | $ | 145,158 | $ | 273,461 | ||||||
Gain on sale of joint venture interest | — | — | 1,006,359 | — | ||||||||||
Loss on early extinguishment of debt | — | — | -879,583 | — | ||||||||||
Interest, net | — | -121,535 | -148,894 | -365,672 | ||||||||||
Income (loss) from discontinued operations | $ | 114,115 | $ | -2,674 | $ | 123,040 | $ | -92,211 | ||||||
Consolidated_Investments_Table
Consolidated Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||||||||||||||
As of September 30, 2014, the major components of our consolidated real estate properties, MDA Apartments, Lansbrook Village, Village Green of Ann Arbor, Springhouse at Newport News, 23Hundred@Berry Hill, Grove at Waterford, Enders Place at Baldwin Park and North Park Towers were as follows: | |||||||||||||||||
Property | Land | Building | Construction | Furniture, | Total | ||||||||||||
and | in | Fixtures and | |||||||||||||||
Improvements | Progress | Equipment | |||||||||||||||
MDA Apartments | $ | 9,500,000 | $ | 51,557,101 | $ | — | $ | 680,982 | $ | 61,738,083 | |||||||
Lansbrook Village | 6,972,000 | 49,770,752 | — | 1,262,528 | 58,005,280 | ||||||||||||
Village Green of Ann Arbor | 4,200,000 | 51,321,384 | 214,804 | 1,156,357 | 56,892,545 | ||||||||||||
Springhouse at Newport News | 6,500,000 | 27,738,911 | — | 1,206,633 | 35,445,544 | ||||||||||||
23Hundred@Berry Hill | 5,000,000 | 25,361,478 | — | 1,877,436 | 32,238,914 | ||||||||||||
Grove at Waterford | 3,800,000 | 24,596,229 | 14,449 | 838,873 | 29,249,551 | ||||||||||||
Enders Place at Baldwin Park | 5,453,486 | 22,108,049 | — | 1,258,941 | 28,820,476 | ||||||||||||
$ | 41,425,486 | $ | 252,453,904 | $ | 229,253 | $ | 8,281,750 | $ | 302,390,393 | ||||||||
Less: accumulated depreciation – continuing operations | — | 8,609,679 | — | 1,426,715 | 10,036,394 | ||||||||||||
Total continuing operations | $ | 41,425,486 | $ | 243,844,225 | $ | 229,253 | $ | 6,855,035 | $ | 292,353,999 | |||||||
North Park Towers – held for sale | 1,400,000 | 13,139,984 | — | 524,231 | 15,064,215 | ||||||||||||
Less: accumulated depreciation – held for sale | — | 270,522 | — | 54,459 | 324,981 | ||||||||||||
Total held for sale | $ | 1,400,000 | $ | 12,869,462 | $ | — | $ | 469,772 | $ | 14,739,234 | |||||||
Total | $ | 42,825,486 | $ | 256,713,687 | $ | 229,253 | $ | 7,324,807 | $ | 307,093,233 | |||||||
Acquisition_of_Real_Estate_Tab
Acquisition of Real Estate (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Purchase Prices Allocations [Table Text Block] | ' | ||||
The following table summarizes the amounts of the assets acquired and liabilities assumed at the acquisition date. The amounts listed below reflect provisional amounts that will be updated as information becomes available. | |||||
Preliminary Purchase Price Allocation | |||||
Land | $ | 16,252,000 | |||
Building | 120,983,328 | ||||
Building improvements | 3,192,975 | ||||
Land improvements | 13,753,490 | ||||
Furniture and fixtures | 3,341,114 | ||||
In-place leases | 4,170,018 | ||||
Total assets acquired | $ | 161,692,925 | |||
Mortgages assumed | $ | 116,800,000 | |||
Total liabilities acquired | $ | 116,800,000 | |||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||
Equity Method Investments [Table Text Block] | ' | |||||||||||||
The carrying amount of the Company’s equity method investments as of September 30, 2014 and December 31, 2013 is summarized in the table below: | ||||||||||||||
Property | September 30, | December 31, | ||||||||||||
2014 | 2013 | |||||||||||||
The Estates at Perimeter/Augusta | $ | 1,143,422 | $ | 1,212,456 | ||||||||||
Villas at Oak Crest | 3,177,674 | — | ||||||||||||
Alexan CityCentre | 4,883,049 | — | ||||||||||||
UCF Orlando | 3,629,345 | — | ||||||||||||
Other | 42,024 | 41,851 | ||||||||||||
Total | $ | 12,875,514 | $ | 1,254,307 | ||||||||||
Preferred Equity Method Investments [Table Text Block] | ' | |||||||||||||
The Company’s investments in the Villas at Oak Crest, UCF Orlando and Alexan CityCentre represent preferred equity investments and are summarized in the table below: | ||||||||||||||
Property | Current Pay | Accrued | Total Annualized | |||||||||||
Annualized | Annualized | Preferred Return | ||||||||||||
Preferred Return | Preferred Return | |||||||||||||
Villas at Oak Crest | 10.5 | % | 4.5 | % | 15 | % | ||||||||
Alexan CityCentre | 15 | % | — | 15 | % | |||||||||
UCF Orlando | 15 | % | — | 15 | % | |||||||||
Equity Income Loss of Joint Ventures [Table Text Block] | ' | |||||||||||||
The equity in income (loss) of unconsolidated joint ventures of the Company’s equity method investments for the three and nine months ended September 30, 2014 and 2013 is summarized in the table below: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
Property | 2014 | 2013 | 2014 | 2013 | ||||||||||
The Estates at Perimeter/Augusta | $ | 8,196 | $ | 7,607 | $ | 4,170 | $ | 25,828 | ||||||
Villas at Oak Crest | 100,385 | — | 214,260 | — | ||||||||||
Alexan CityCentre | 181,096 | — | 181,096 | — | ||||||||||
UCF Orlando | 92,474 | — | 92,474 | — | ||||||||||
Other | 29,315 | -158,030 | 172 | -123,557 | ||||||||||
Equity in income (loss) of unconsolidated joint venture | $ | 411,466 | $ | -150,423 | $ | 492,172 | $ | -97,729 | ||||||
Schedule Of Condensed Financial Statements [Table Text Block] | ' | |||||||||||||
Summary unaudited financial information for The Estates at Perimeter/Augusta Balance Sheets as of September 30, 2014 and December 31, 2013 and Operating Statements for the three and nine months ended September 30, 2014 and 2013, is as follows: | ||||||||||||||
Property | Joint Venture | Managing Member | Indirect Equity | |||||||||||
Interest | LLC Interest | Interest in Property | ||||||||||||
The Estates at Perimeter/Augusta | 50 | % | 50 | % | 25 | % | ||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Balance Sheets: | ||||||||||||||
Real estate, net of depreciation | $ | 21,729,673 | $ | 22,188,399 | ||||||||||
Other assets | 409,884 | 394,866 | ||||||||||||
Total assets | $ | 22,139,557 | $ | 22,583,265 | ||||||||||
Mortgage payable | $ | 17,371,089 | $ | 17,600,839 | ||||||||||
Other liabilities | 210,846 | 139,465 | ||||||||||||
Total liabilities | $ | 17,581,935 | $ | 17,740,304 | ||||||||||
Stockholders’ equity | 4,557,622 | 4,842,961 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 22,139,557 | $ | 22,583,265 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Operating Statement: | ||||||||||||||
Rental revenues | $ | 694,499 | $ | 654,563 | $ | 1,991,847 | $ | 1,972,325 | ||||||
Operating expenses | -263,976 | -229,350 | -786,415 | -667,119 | ||||||||||
Income before mortgage interest, acquisition costs, and depreciation and amortization | 430,523 | 425,213 | 1,205,432 | 1,305,206 | ||||||||||
Mortgage interest | -188,713 | -192,007 | -562,437 | -572,117 | ||||||||||
Depreciation and amortization | -204,146 | -198,720 | -604,515 | -592,789 | ||||||||||
Net income | 37,664 | 34,486 | 38,480 | 140,300 | ||||||||||
Net income attributable to JV partners | -29,147 | -26,558 | -33,347 | -113,509 | ||||||||||
Net income attributable to the company | 8,517 | 7,928 | 5,133 | 26,791 | ||||||||||
Amortization of deferred financing costs paid on behalf of joint ventures | -321 | -321 | -963 | -963 | ||||||||||
Equity in income of unconsolidated joint venture | $ | 8,196 | $ | 7,607 | $ | 4,170 | $ | 25,828 | ||||||
Mortgages_Payable_Tables
Mortgages Payable (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||
Schedule of Mortgage Notes Payable [Table Text Block] | ' | ||||||||||
The following table summarizes certain information as of September 30, 2014, with respect to the Company’s indebtedness: | |||||||||||
Property | Outstanding | Interest | Fixed/ | Maturity Date | |||||||
Principal | Rate | Floating | |||||||||
Springhouse at Newport News | $ | 22,598,208 | 5.66 | % | Fixed | 1-Jan-20 | |||||
Enders Place at Baldwin Park(1) | 25,500,000 | 4.3 | % | Fixed | 1-Nov-22 | ||||||
23Hundred@Berry Hill(2) | 23,244,674 | 3 | % | Floating | 30-Sep-15 | ||||||
MDA Apartments | 37,600,000 | 5.35 | % | Fixed | 1-Jan-23 | ||||||
Village Green of Ann Arbor | 43,200,000 | 3.92 | % | Fixed | 1-Oct-22 | ||||||
Grove at Waterford | 20,100,000 | 3.59 | % | Fixed | 1-May-19 | ||||||
Lansbrook Village | 42,357,485 | 4.45 | % | Fixed | 31-Mar-18 | ||||||
Total | $ | 214,600,367 | |||||||||
Fair value adjustments | 714,243 | ||||||||||
Total continuing operations | $ | 215,314,610 | |||||||||
North Park Towers – held for sale | 11,500,000 | 5.65 | % | Fixed | 6-Jan-24 | ||||||
Total | $ | 226,814,610 | |||||||||
(1) The principal includes a $17,500,000 loan at a 3.97% interest rate and an $8,000,000 supplemental loan at a 5.01% interest rate. | |||||||||||
(2) The loan is based on a floating rate, which is benchmarked to three-month Libor plus 2.50% and may be extended for two additional twelve month periods at the option of the borrower. | |||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule Of Related Party Transactions [Table Text Block] | ' | |||||||
Pursuant to the terms of the Advisory Agreement and the Management Agreement, summarized below are the related party amounts payable to our Former Advisor and the Manager, as of September 30, 2014 and December 31, 2013. | ||||||||
September 30, | December 31, | |||||||
2014 | 2013 | |||||||
Amounts Payable to the Former Advisor under our Prior and Terminated Advisory Agreement | ||||||||
Asset management and oversight fees | $ | 404,147 | $ | 966,396 | ||||
Acquisition fees and disposition fees | 739,978 | 801,169 | ||||||
Financing fees | 35,670 | 35,670 | ||||||
Reimbursable operating expenses | — | 295,146 | ||||||
Reimbursable offering costs | — | 193,112 | ||||||
Reimbursable organizational costs | — | 49,931 | ||||||
Total payable to the Former Advisor | $ | 1,179,795 | $ | 2,341,424 | ||||
Amounts Payable to the Manager under the New Management Agreement | ||||||||
Base management fee | 213,180 | — | ||||||
Reimbursable operating expenses | 81,856 | — | ||||||
Total related-party amounts payable to Former Advisor and Manager | $ | 1,474,831 | $ | 2,341,424 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Stockholders Equity Note [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The following table reconciles the components of basic and diluted net loss per common share: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Net (loss) income from continuing operations attributable to common stockholders(3) | $ | -2,260,706 | $ | 534,388 | -7,852,370 | $ | -1,798,372 | |||||||
Dividends on restricted stock expected to vest and OP Units(3) | -90,485 | -2,773 | -135,596 | -8,409 | ||||||||||
Gain on redemption of common stock(2) | — | — | — | 1,575 | ||||||||||
Basic net (loss) income from continuing operations attributable to common stockholders(3) | $ | -2,351,191 | $ | 531,615 | $ | -7,987,966 | $ | -1,805,206 | ||||||
Basic net income (loss) from discontinued operations attributable to common stockholders(3) | $ | 114,115 | $ | -2,675 | $ | 123,040 | $ | -92,211 | ||||||
Weighted average common shares outstanding(3) | 5,877,417 | 1,048,854 | 4,269,378 | 1,024,997 | ||||||||||
Potential dilutive shares(1) | — | 6,908 | — | — | ||||||||||
Weighted average common shares outstanding and potential dilutive shares(4) | 5,887,417 | 1,055,762 | 4,269,378 | 1,024,997 | ||||||||||
Basic (loss) income from continuing operations per share(3) | $ | -0.4 | $ | 0.51 | $ | -1.87 | $ | -1.76 | ||||||
Basic income (loss) from discontinued operations per share(3) | $ | 0.02 | $ | — | $ | 0.03 | $ | -0.09 | ||||||
Diluted (loss) income from continued operations per share(4) | $ | -0.4 | $ | 0.5 | $ | -1.87 | $ | -1.76 | ||||||
Diluted income (loss) from discontinued operations per share(4) | $ | 0.02 | $ | — | $ | 0.03 | $ | -0.09 | ||||||
The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed below. | ||||||||||||||
-1 | Excludes 4,794 and 5,726 shares of Class B common stock and 282,759 and 188,506 OP Units for the three and nine months ended September 30, 2014, respectively, and 7,059 shares of Class B common stock for the nine months ended September 30, 2013, related to non-vested restricted stock and OP Units, as the effect would be anti-dilutive. Also excludes any potential dilution related to the 1,000 shares of convertible stock outstanding as of September 30, 2013, as there would be no conversion into common shares. | |||||||||||||
-2 | Represents the difference between the fair value and carrying amount of the common stock upon redemption. | |||||||||||||
-3 | For 2014, amounts relate to shares of the Company’s Class A, Class B-1, B-2, B-3 common stock and LTIP Units outstanding. For 2013, amounts relate to common shares outstanding. | |||||||||||||
-4 | For 2014, amounts relate to shares of the Company’s Class A, Class B-1, B-2, B-3 common stock and OP and LTIP Units outstanding. For 2013, amounts relate to common shares outstanding. For 2014, amounts exclude OP Units as the effect would be anti-dilutive. | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
A summary of the status of the Company’s non-vested shares as of September 30, 2014, and changes during the nine months ended September 30, 2014, is as follows: | ||||||||||||||
Non Vested shares | Shares(1) | Weighted average grant-date | ||||||||||||
fair value(1) | ||||||||||||||
Balance at January 1, 2014 | 6,593 | $ | 150,000 | |||||||||||
Granted | — | — | ||||||||||||
Vested | -2,637 | -60,000 | ||||||||||||
Forfeited | — | — | ||||||||||||
Balance at September 30, 2014 | 3,956 | $ | 90,000 | |||||||||||
(1) The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above. | ||||||||||||||
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block] | ' | |||||||||||||
Distributions for the nine months ended September 30, 2014 were as follow: | ||||||||||||||
Distributions | ||||||||||||||
2014 | Declared | Paid | ||||||||||||
First Quarter | ||||||||||||||
Common Stock | $ | 273,028 | $ | 416,491 | ||||||||||
Class A Common Stock | - | - | ||||||||||||
Class B-1 Common Stock | - | - | ||||||||||||
Class B-2 Common Stock | - | - | ||||||||||||
Class B-3 Common Stock | - | - | ||||||||||||
OP Units | - | - | ||||||||||||
LTIP Units | - | - | ||||||||||||
Total | $ | 273,028 | $ | 416,491 | ||||||||||
Second Quarter | ||||||||||||||
Common Stock | $ | - | $ | - | ||||||||||
Class A Common Stock | 1,303,740 | 869,150 | ||||||||||||
Class B-1 Common Stock | 102,549 | 68,365 | ||||||||||||
Class B-2 Common Stock | 102,549 | 68,365 | ||||||||||||
Class B-3 Common Stock | 102,549 | 68,365 | ||||||||||||
OP Units | 82,000 | 54,667 | ||||||||||||
LTIP Units | 94,418 | 62,945 | ||||||||||||
Total | $ | 1,787,805 | $ | 1,191,857 | ||||||||||
Third Quarter | ||||||||||||||
Common Stock | $ | - | $ | - | ||||||||||
Class A Common Stock | 1,303,765 | 1,303,771 | ||||||||||||
Class B-1 Common Stock | 102,552 | 102,552 | ||||||||||||
Class B-2 Common Stock | 102,552 | 102,552 | ||||||||||||
Class B-3 Common Stock | 102,552 | 102,552 | ||||||||||||
OP Units | 82,000 | 82,000 | ||||||||||||
LTIP Units | 94,418 | 94,418 | ||||||||||||
Total | $ | 1,787,839 | $ | 1,787,845 | ||||||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Subsequent Events [Abstract] | ' | |||||||||||||
Schedule of Subsequent Events [Table Text Block] | ' | |||||||||||||
The following distributions were paid to the Company's holders of Class A, Class B-1, Class B-2 and B-3 common stock as well as holders of OP and LTIP Units subsequent to September 30, 2014: | ||||||||||||||
Shares | Declaration | Record Date | Date Paid | Distributions | Total | |||||||||
Date | per Share | Distribution | ||||||||||||
Class A Common Stock | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 434,585 | |||||||
Class B-1 Common Stock | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
Class B-2 Common Stock | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
Class B-3 Common Stock | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
OP Units | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 27,333 | |||||||
LTIP Units | Jul. 10, 2014 | Sep. 25, 2014 | Oct. 5, 2014 | $ | 0.096666 | $ | 31,473 | |||||||
Class A Common Stock | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 728,010 | |||||||
Class B-1 Common Stock | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
Class B-2 Common Stock | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
Class B-3 Common Stock | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 34,184 | |||||||
OP Units | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 27,333 | |||||||
LTIP Units | Oct. 10, 2014 | Oct. 25, 2014 | Nov. 5, 2014 | $ | 0.096666 | $ | 31,473 | |||||||
Total | $ | 1,485,311 | ||||||||||||
Organization_and_Nature_of_Bus1
Organization and Nature of Business (Details Textual) (USD $) | 0 Months Ended | 9 Months Ended | 62 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Sep. 09, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 09, 2013 | Oct. 27, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Apr. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 28, 2014 | Oct. 27, 2014 | Sep. 30, 2014 | Oct. 08, 2014 | Sep. 30, 2014 | |
One Property [Member] | Common Class A [Member] | Common Class A [Member] | IPO [Member] | IPO [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Operating Property [Member] | |||||||
Common Class A [Member] | Common Class A [Member] | ||||||||||||||
Organization and Nature of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity Incorporation, Date of Incorporation | ' | 25-Jul-08 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity Incorporation, State Country Name | ' | 'Maryland | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | 90.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Of Common Stock | $22,600,000 | $43,977,439 | $405,897 | $22,600,000 | ' | ' | ' | ' | $33,100,000 | ' | ' | ' | ' | $33,100,000 | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | 3,035,444 | ' | 3,448,276 | ' | ' | 3,035,444 | ' |
Shares Issued, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.50 | ' | ' | ' | ' |
Proceeds From Issuance Initial Public Offering Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Proceeds from Issuance Initial Public Offering | ' | ' | ' | ' | ' | ' | ' | 44,400,000 | ' | ' | ' | ' | ' | ' | ' |
Real Estate Investment Property, Net, Total | ' | 292,353,999 | ' | ' | ' | 143,633,067 | 58,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution Transactions Completed Description | ' | 'a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of The Villas at Oak Crest property, which is accounted for under the equity method and the Springhouse at Newport News property, in which we already owned an interest and which has been reported as consolidated for the periods presented). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity, Reverse Stock Split | ' | ' | ' | ' | ' | ' | ' | ' | 'Immediately following the filing of the Second Charter Amendment, we effectuated a 2.264881 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock | 'Following the filing of the Second Charter Amendment, we effected a 2.264881-to-1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878-to-1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock. | ' | ' | ' | ' | ' |
Percent of Real Estate Properties Occupied | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96.00% |
Number of Units in Real Estate Property | ' | 636 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,223 | ' | ' |
Project Development Cost | ' | 118,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Equity Interest In Development Project Commitment Amount | ' | ' | ' | ' | 10,200,000 | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' |
Preferred Equity Interest In Development Project Funded Amount | ' | ' | ' | ' | $8,500,000 | ' | ' | ' | ' | ' | ' | $8,500,000 | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $11.90 | ' | ' | ' | ' | $11.90 | ' |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | Sep. 30, 2014 | Mar. 28, 2014 |
The Reserve at Creekside Village [Member] | ||
Accounting Policies [Line Items] | ' | ' |
Number of Units in Real Estate Property | 636 | 192 |
Real_Estate_Assets_Held_for_Sa2
Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Total revenues | $0 | $549,874 | $508,114 | $1,588,052 |
Expenses | ' | ' | ' | ' |
Property operating | 114,115 | -164,754 | -75,931 | -524,700 |
Depreciation and amortization | 0 | -166,459 | -183,636 | -494,670 |
Asset management and oversight fees to affiliates | 0 | -8,308 | -8,040 | -24,925 |
Real estate taxes and insurance | 0 | -91,492 | -95,349 | -270,296 |
Income on operations of rental property | 114,115 | 118,861 | 145,158 | 273,461 |
Gain on sale of joint venture interest | 0 | 0 | 1,006,359 | 0 |
Loss on early extinguishment of debt | 0 | 0 | -879,583 | 0 |
Interest, net | 0 | -121,535 | -148,894 | -365,672 |
Income (loss) from discontinued operations | $114,115 | ($2,674) | $123,040 | ($92,211) |
Real_Estate_Assets_Held_for_Sa3
Real Estate Assets Held for Sale, Discontinued Operations and Sale of Joint Venture Equity Interests (Details Textual) (BR Creekside [Member], USD $) | 0 Months Ended |
Mar. 28, 2014 | |
BR Creekside [Member] | ' |
Real Estate Assets Held for Development and Sale [Line Items] | ' |
Sale of joint venture ownership percentage | 24.71% |
Disposition Fees | $69,946 |
Proceeds from Sale of Real Estate Gross | 18,875,000 |
Payments for Mortgage on Real Estate Sold | 13,500,000 |
Proceeds from Sale of Real Estate | $1,200,000 |
Consolidated_Investments_Detai
Consolidated Investments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | $302,390,393 | $148,149,004 |
Less: accumulated depreciation - continuing operations | 10,036,394 | 4,515,937 |
Total continuing operations | 292,353,999 | 143,633,067 |
Less: accumulated depreciation - held for sale | 324,981 | ' |
Total held for sale | 14,739,234 | 19,372,277 |
Total | 307,093,233 | 163,005,344 |
MDA [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 61,738,083 | ' |
Lansbrook [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 58,005,280 | ' |
Village Green Ann Arbor [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 56,892,545 | ' |
Spring House [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 35,445,544 | ' |
Berry Hill [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 32,238,914 | ' |
Grove At Waterford [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 29,249,551 | ' |
Enders Place at Baldwin Park [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 28,820,476 | ' |
North Park Towers [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total held for sale | 15,064,215 | ' |
Land [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 41,425,486 | ' |
Less: accumulated depreciation - continuing operations | 0 | ' |
Total continuing operations | 41,425,486 | ' |
Less: accumulated depreciation - held for sale | 0 | ' |
Total held for sale | 1,400,000 | ' |
Total | 42,825,486 | ' |
Land [Member] | MDA [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 9,500,000 | ' |
Land [Member] | Lansbrook [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 6,972,000 | ' |
Land [Member] | Village Green Ann Arbor [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 4,200,000 | ' |
Land [Member] | Spring House [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 6,500,000 | ' |
Land [Member] | Berry Hill [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 5,000,000 | ' |
Land [Member] | Grove At Waterford [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 3,800,000 | ' |
Land [Member] | Enders Place at Baldwin Park [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 5,453,486 | ' |
Land [Member] | North Park Towers [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total held for sale | 1,400,000 | ' |
Building and Building Improvements [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 252,453,904 | ' |
Less: accumulated depreciation - continuing operations | 8,609,679 | ' |
Total continuing operations | 243,844,225 | ' |
Less: accumulated depreciation - held for sale | 270,522 | ' |
Total held for sale | 12,869,462 | ' |
Total | 256,713,687 | ' |
Building and Building Improvements [Member] | MDA [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 51,557,101 | ' |
Building and Building Improvements [Member] | Lansbrook [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 49,770,752 | ' |
Building and Building Improvements [Member] | Village Green Ann Arbor [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 51,321,384 | ' |
Building and Building Improvements [Member] | Spring House [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 27,738,911 | ' |
Building and Building Improvements [Member] | Berry Hill [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 25,361,478 | ' |
Building and Building Improvements [Member] | Grove At Waterford [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 24,596,229 | ' |
Building and Building Improvements [Member] | Enders Place at Baldwin Park [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 22,108,049 | ' |
Building and Building Improvements [Member] | North Park Towers [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total held for sale | 13,139,984 | ' |
Construction in Progress [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 229,253 | ' |
Less: accumulated depreciation - continuing operations | 0 | ' |
Total continuing operations | 229,253 | ' |
Less: accumulated depreciation - held for sale | 0 | ' |
Total held for sale | 0 | ' |
Total | 229,253 | ' |
Construction in Progress [Member] | MDA [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 0 | ' |
Construction in Progress [Member] | Lansbrook [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 0 | ' |
Construction in Progress [Member] | Village Green Ann Arbor [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 214,804 | ' |
Construction in Progress [Member] | Spring House [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 0 | ' |
Construction in Progress [Member] | Berry Hill [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 0 | ' |
Construction in Progress [Member] | Grove At Waterford [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 14,449 | ' |
Construction in Progress [Member] | Enders Place at Baldwin Park [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 0 | ' |
Construction in Progress [Member] | North Park Towers [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total held for sale | 0 | ' |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 8,281,750 | ' |
Less: accumulated depreciation - continuing operations | 1,426,715 | ' |
Total continuing operations | 6,855,035 | ' |
Less: accumulated depreciation - held for sale | 54,459 | ' |
Total held for sale | 469,772 | ' |
Total | 7,324,807 | ' |
Furniture, Fixtures and Equipment [Member] | MDA [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 680,982 | ' |
Furniture, Fixtures and Equipment [Member] | Lansbrook [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 1,262,528 | ' |
Furniture, Fixtures and Equipment [Member] | Village Green Ann Arbor [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 1,156,357 | ' |
Furniture, Fixtures and Equipment [Member] | Spring House [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 1,206,633 | ' |
Furniture, Fixtures and Equipment [Member] | Berry Hill [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 1,877,436 | ' |
Furniture, Fixtures and Equipment [Member] | Grove At Waterford [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 838,873 | ' |
Furniture, Fixtures and Equipment [Member] | Enders Place at Baldwin Park [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total Gross Real Estate Investments | 1,258,941 | ' |
Furniture, Fixtures and Equipment [Member] | North Park Towers [Member] | ' | ' |
Real Estate Property [Line Items] | ' | ' |
Total held for sale | $524,231 | ' |
Consolidated_Investments_Detai1
Consolidated Investments (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 27, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' |
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | $2,635,608 | $1,070,824 | $6,029,073 | $3,201,754 | ' | ' |
Amortization of Deferred Leasing Fees | 2,281,225 | 157,321 | 4,017,089 | 1,381,809 | ' | ' |
Contribution transaction completed description | ' | ' | 'a series of related contribution transactions pursuant to which it acquired indirect equity interests in four apartment properties, and a 100% fee simple interest in a fifth apartment property for an aggregate asset value of $152.3 million (inclusive of Oak Crest, which is accounted for under the equity method, and Springhouse, in which we already owned an interest and which has been consolidated for the periods presented). | ' | ' | ' |
Real Estate Investment Property, Net, Total | 292,353,999 | ' | 292,353,999 | ' | ' | 143,633,067 |
Project Development Cost | ' | ' | 118,600,000 | ' | ' | ' |
Number of Units in Real Estate Property | 636 | ' | 636 | ' | ' | ' |
Preferred Equity Interest In Development Project Commitment Amount | ' | ' | ' | ' | 10,200,000 | ' |
Preferred Equity Interest In Development Project Funded Amount | ' | ' | ' | ' | 8,500,000 | ' |
One Property [Member] | ' | ' | ' | ' | ' | ' |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Investment Property, Net, Total | $58,600,000 | ' | $58,600,000 | ' | ' | ' |
Acquisition_of_Real_Estate_Det
Acquisition of Real Estate (Details) (USD $) | Sep. 30, 2014 |
Preliminary Purchase Price Allocation | ' |
Land | $16,252,000 |
Building | 120,983,328 |
Building improvements | 3,192,975 |
Land improvements | 13,753,490 |
Furniture and fixtures | 3,341,114 |
In-place leases | 4,170,018 |
Total assets acquired | 161,692,925 |
Mortgages assumed | 116,800,000 |
Total liabilities acquired | $116,800,000 |
Acquisition_of_Real_Estate_Det1
Acquisition of Real Estate (Details Textual) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||||||||||
Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 03, 2014 | Sep. 30, 2014 | Apr. 03, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Sep. 30, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 10, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
Fund II VG Interest in BRVG Ann Arbor JV LLC [Member] | Fund III VG Interest, in Ann Arbor JV [Member] | North Park Towers [Member] | North Park Towers [Member] | North Park Towers [Member] | North Park Towers [Member] | North Park Towers [Member] | Village Green of Ann Arbor [Member] | Village Green of Ann Arbor [Member] | Village Green of Ann Arbor [Member] | Village Green of Ann Arbor [Member] | Village Green of Ann Arbor [Member] | Village Green of Ann Arbor [Member] | Additional Interest in Springhouse at Newport News [Member] | Additional Interest in Springhouse at Newport News [Member] | Additional Interest in Springhouse at Newport News [Member] | Additional Interest in Springhouse at Newport News [Member] | Spring House [Member] | Grove At Waterford [Member] | Grove At Waterford [Member] | Grove At Waterford [Member] | Grove At Waterford [Member] | Grove At Waterford [Member] | Grove At Waterford [Member] | Grove At Waterford [Member] | Lansbrook Village [Member] | Lansbrook Village [Member] | Lansbrook Village [Member] | Lansbrook Village [Member] | Lansbrook Village [Member] | Lansbrook Village [Member] | Lansbrook Village [Member] | Enders [Member] | Enders [Member] | Enders [Member] | |
BR-NPT Springing Entity, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Fund II VG Interest in BRVG Ann Arbor JV LLC [Member] | Fund III VG Interest, in Ann Arbor JV [Member] | Village Green of Ann Arbor Associates, LLC [Member] | Fund III VG Interest in BRVG Ann Arbor JV LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Fund I, Springhouse Interest, in BR Springhouse Managing , LLC [Member] | BR Hawthorne Springhouse JV, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Fund I Waterford Interest, in BR Waterford JV , LLC [Member] | Fund I Waterford Interest, in BR Waterford JV , LLC [Member] | Fund II Waterford Interest, in Waterford JV [Member] | Fund II Waterford Interest, in Waterford JV [Member] | Bell BR Waterford Crossing JV, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | BR Lansbrook JV , LLC [Member] | Palm Harbor, Florida [Member] | Fund II BR Lansbrook [Member] | Fund III BR Lansbrook [Member] | Bluerock Multifamily Advisor, LLC [Member] | BR Carroll Lansbrook JV, LLC [Member] | ||||||||||||||
Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | ||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 58.61% | 38.61% | ' | 100.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 49.00% | 75.00% | ' | 38.25% | ' | 10.00% | ' | 90.00% | ' | 60.00% | ' | 52.67% | 32.67% | ' | 7.33% | 7.33% | ' | 90.00% | 41.10% | 48.40% | 89.50% |
Number of Real Estate Properties, Fee Simple | ' | ' | ' | ' | ' | ' | ' | 520 | ' | ' | ' | ' | ' | 432 | ' | ' | ' | ' | 252 | ' | ' | ' | ' | ' | ' | 579 | ' | 774 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | 313 | 282,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | ' | ' | ' | $4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | ' | ' | 11,500,000 | ' | ' | ' | ' | 43,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,400,000 | 20,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Disposition Fee | ' | ' | 468,000 | ' | ' | ' | 390,000 | ' | 300,000 | ' | ' | 200,000 | 700,000 | ' | 350,000 | ' | 300,000 | ' | ' | ' | 50,000 | ' | 300,000 | ' | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination Disposition Fee Shares | ' | ' | '32,276 | ' | ' | ' | '26,897 | ' | '23,322 | ' | ' | '11,523 | '48,357 | ' | ' | ' | '20,593 | ' | ' | ' | ' | ' | '22,196 | ' | '30,828 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 293,042 | 193,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 361,241 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | 600,000 | ' | ' | ' | ' | ' | 8,800,000 | ' | ' | ' | ' | ' | 4,400,000 | ' | ' |
Aggregate Indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Annual Capitalized Return | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Indirect Ownership, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $183,689 | ' | $8,000,000 | ' | ' |
Equity_Method_Investments_Deta
Equity Method Investments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Equity Method Investments | $12,875,514 | $1,254,307 |
The Estates at Perimeter And Augusta [Member] | ' | ' |
Equity Method Investments | 1,143,422 | 1,212,456 |
Villas at Oak Crest [Member] | ' | ' |
Equity Method Investments | 3,177,674 | 0 |
Alexan CityCentre [Member] | ' | ' |
Equity Method Investments | 4,883,049 | 0 |
UCF Orlando [Member] | ' | ' |
Equity Method Investments | 3,629,345 | 0 |
Others [Member] | ' | ' |
Equity Method Investments | $42,024 | $41,851 |
Equity_Method_Investments_Deta1
Equity Method Investments (Details 1) | Sep. 30, 2014 |
Villas at Oak Crest [Member] | ' |
Current Pay Annualized Preferred Return Percentage | 10.50% |
Accrued Annualized Preferred Return Percentage | 4.50% |
Annualized Preferred Return, Total Percentage | 15.00% |
Alexan CityCentre [Member] | ' |
Current Pay Annualized Preferred Return Percentage | 15.00% |
Accrued Annualized Preferred Return Percentage | 0.00% |
Annualized Preferred Return, Total Percentage | 15.00% |
UCF Orlando [Member] | ' |
Current Pay Annualized Preferred Return Percentage | 15.00% |
Accrued Annualized Preferred Return Percentage | 0.00% |
Annualized Preferred Return, Total Percentage | 15.00% |
Equity_Method_Investments_Deta2
Equity Method Investments (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income (Loss) From Equity Method Investments | $411,466 | ($150,423) | $492,172 | ($97,729) |
The Estates at Perimeter And Augusta [Member] | ' | ' | ' | ' |
Income (Loss) From Equity Method Investments | 8,196 | 7,607 | 4,170 | 25,828 |
Villas at Oak Crest [Member] | ' | ' | ' | ' |
Income (Loss) From Equity Method Investments | 100,385 | 0 | 214,260 | 0 |
Alexan CitiCentre [Member] | ' | ' | ' | ' |
Income (Loss) From Equity Method Investments | 181,096 | 0 | 181,096 | 0 |
UCF Orlando [Member] | ' | ' | ' | ' |
Income (Loss) From Equity Method Investments | 92,474 | 0 | 92,474 | 0 |
Others [Member] | ' | ' | ' | ' |
Income (Loss) From Equity Method Investments | $29,315 | ($158,030) | $172 | ($123,557) |
Equity_Method_Investments_Deta3
Equity Method Investments (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Balance Sheets: | ' | ' | ' | ' | ' |
Real estate, net of depreciation | $21,729,673 | ' | $21,729,673 | ' | $22,188,399 |
Other assets | 409,884 | ' | 409,884 | ' | 394,866 |
Total assets | 22,139,557 | ' | 22,139,557 | ' | 22,583,265 |
Mortgage payable | 17,371,089 | ' | 17,371,089 | ' | 17,600,839 |
Other liabilities | 210,846 | ' | 210,846 | ' | 139,465 |
Total liabilities | 17,581,935 | ' | 17,581,935 | ' | 17,740,304 |
Stockholders' equity | 4,557,622 | ' | 4,557,622 | ' | 4,842,961 |
Total liabilities and stockholders' equity | 22,139,557 | ' | 22,139,557 | ' | 22,583,265 |
Operating Statement: | ' | ' | ' | ' | ' |
Rental revenues | 694,499 | 654,563 | 1,991,847 | 1,972,325 | ' |
Operating expenses | -263,976 | -229,350 | -786,415 | -667,119 | ' |
Income before mortgage interest, acquisition costs, and depreciation and amortization | 430,523 | 425,213 | 1,205,432 | 1,305,206 | ' |
Mortgage interest | -188,713 | -192,007 | -562,437 | -572,117 | ' |
Depreciation and amortization | -204,146 | -198,720 | -604,515 | -592,789 | ' |
Net income | 37,664 | 34,486 | 38,480 | 140,300 | ' |
Net income attributable to JV partners | -29,147 | -26,558 | -33,347 | -113,509 | ' |
Net income attributable to the company | 8,517 | 7,928 | 5,133 | 26,791 | ' |
Amortization of deferred financing costs paid on behalf of joint ventures | -321 | -321 | -963 | -963 | ' |
Equity in income of unconsolidated joint venture | $8,196 | $7,607 | $4,170 | $25,828 | ' |
The Estates at Perimeter And Augusta [Member] | Joint Venture Interest [Member] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | 50.00% | ' | ' |
The Estates at Perimeter And Augusta [Member] | Managing Member Llc Interest [Member] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | 50.00% | ' | ' |
The Estates at Perimeter And Augusta [Member] | Indirect Equity Interest In Property [Member] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 25.00% | ' | 25.00% | ' | ' |
Equity_Method_Investments_Deta4
Equity Method Investments (Details Textual) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Sep. 30, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 29, 2014 |
Fund II [Member] | Fund III [Member] | Fund I [Member] | BR Alexan [Member] | Alexan CityCentre [Member] | Alexan CityCentre [Member] | BRG Oak Crest, LLC [Member] | BR Oak Crest Villas, LLC, [Member] | Oak Crest Villas JV, LLC [Member] | Oak Crest Interest [Member] | Oak Crest Interest [Member] | Bluerock Multifamily Advisor, LLC [Member] | Fund II, Oak Crest Interest, in BR Oak Crest Villas, LLC [Member] | Fund II, Oak Crest Interest, in BR Oak Crest Villas, LLC [Member] | BGF [Member] | UCF Orlando [Member] | UCF Orlando [Member] | ||
Common Class A [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | ' | ' | ' | ' | ' | ' | ' | 93.43% | 71.90% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties, Fee Simple | ' | ' | ' | ' | ' | ' | 340 | ' | ' | 209 | ' | ' | ' | ' | ' | ' | ' | 296 |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,143 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,900,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination Disposition Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 300,000 | ' | ' | ' |
Business Combination Disposition Fee Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19,343 | ' | '15,474 | ' | ' | ' |
Preferred Return On Investment, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' |
Long-term Purchase Commitment, Amount | ' | 6,274,000 | 4,360,000 | ' | ' | 6,564,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | 3,629,345 | ' |
Equity Method Investment, Ownership Percentage | ' | 36.62% | 25.45% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.93% | 100.00% | ' |
Preferred ship Interest Return At Annual Rate | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Equity Method Investment Capital Commitment Funded Amount | 15,140,005 | ' | ' | 4,885,290 | 4,883,049 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,629,345 | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | ' | ' | ' | $1,681,508 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Reduction In Outstanding Capital Contributions | 7.00% | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' |
Long-term Purchase Commitment, Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' |
Percentage Of Preferred ship Interest | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' |
Percentage Of Common ship Interest | ' | ' | ' | ' | 18.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | ' |
Mortgages_Payable_Details
Mortgages Payable (Details) (Mortgages [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | ||
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | $214,600,367 | |
Fair value adjustments | 714,243 | |
Total continuing operations | 215,314,610 | |
Total | 226,814,610 | |
Spring House [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | 22,598,208 | |
Interest Rate | 5.66% | |
Fixed/Floating | 'Fixed | |
Maturity Date | 1-Jan-20 | |
Enders Place at Baldwin Park [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | 25,500,000 | [1] |
Interest Rate | 4.30% | [1] |
Fixed/Floating | 'Fixed | [1] |
Maturity Date | 1-Nov-22 | [1] |
Bemt Berry Hill [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | 23,244,674 | [2] |
Interest Rate | 3.00% | [2] |
Fixed/Floating | 'Floating | [2] |
Maturity Date | 30-Sep-15 | [2] |
Mda Apartments [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | 37,600,000 | |
Interest Rate | 5.35% | |
Fixed/Floating | 'Fixed | |
Maturity Date | 1-Jan-23 | |
Village Green Ann Arbor [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | 43,200,000 | |
Interest Rate | 3.92% | |
Fixed/Floating | 'Fixed | |
Maturity Date | 1-Oct-22 | |
Grove At Waterford [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | 20,100,000 | |
Interest Rate | 3.59% | |
Fixed/Floating | 'Fixed | |
Maturity Date | 1-May-19 | |
North Park Towers [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | 11,500,000 | |
Interest Rate | 5.65% | |
Fixed/Floating | 'Fixed | |
Maturity Date | 6-Jan-24 | |
Lansbrook [Member] | ' | |
Line of Credit Facility [Line Items] | ' | |
Total Outstanding Principal | $42,357,485 | |
Interest Rate | 4.45% | |
Fixed/Floating | 'Fixed | |
Maturity Date | 31-Mar-18 | |
[1] | The principal includes a $17,500,000 loan at a 3.97% interest rate and an $8,000,000 supplemental loan at a 5.01% interest rate. | |
[2] | The loan is based on a floating rate, which is benchmarked to three-month Libor plus 2.50% and may be extended for two additional twelve month periods at the option of the borrower. |
Mortgages_Payable_Details_Text
Mortgages Payable (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Berry Hill [Member] | Mortgages [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Debt Instrument, Description of Variable Rate Basis | 'The loan is based on a floating rate, which is benchmarked to three-month Libor plus 2.50% and may be extended for two additional twelve month periods at the option of the borrower. |
Enders [Member] | Loans Payable [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Debt Instrument, Face Amount | 17,500,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.97% |
Enders [Member] | Supplemental Loan [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Debt Instrument, Face Amount | 8,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | 5.01% |
Line_of_Credit_Details_Textual
Line of Credit (Details Textual) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Line Of Credit, Current | $0 | $7,571,223 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details Textual) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Mortgage Payable At Carrying Value | $226.80 |
Mortgage Payable At Fair Value | $227.80 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Formar Advisor [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | $1,179,795 | $2,341,424 |
Manager [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | 1,474,831 | 2,341,424 |
Asset Management Fees [Member] | Formar Advisor [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | 404,147 | 966,396 |
Acquisitions Fees [Member] | Formar Advisor [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | 739,978 | 801,169 |
Financing Fees [Member] | Formar Advisor [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | 35,670 | 35,670 |
Reimbursable Operating Expenses [Member] | Formar Advisor [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | 0 | 295,146 |
Reimbursable Operating Expenses [Member] | Manager [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | 81,856 | 0 |
Reimbursable Offering Costs [Member] | Formar Advisor [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | 0 | 193,112 |
Reimbursable Organizational Costs [Member] | Formar Advisor [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | 0 | 49,931 |
Management Fee [Member] | Manager [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Total related-party amounts payable | $213,180 | $0 |
Related_Party_Transactions_Det1
Related Party Transactions (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||
Oct. 31, 2013 | Sep. 26, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Mar. 26, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Oct. 31, 2013 | Sep. 26, 2012 | Oct. 31, 2013 | Sep. 26, 2012 | |
Villas at Oak Crest [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Bluerock Multifamily Advisor, LLC [Member] | Nonvoting Convertible Stock [Member] | Nonvoting Convertible Stock [Member] | Nonvoting Convertible Stock [Member] | Common Class A [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit outstanding | ' | ' | $0 | ' | $0 | ' | $7,571,223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | ' | ' | ' | ' | ' | ' | ' | 302,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Management Fees, Description | ' | 'asset management fee from one-twelfth of 1.0% of the higher of the cost or the value of each asset to one-twelfth of 0.65% of the higher of the cost or the value of each asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition And Disposition Expenses | ' | ' | 362,819 | 399,284 | 4,330,608 | 542,302 | ' | ' | 399,284 | ' | 399,284 | 2,187,183 | 476,840 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Financing Fees Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 0.25% | ' |
Sales Price Percentage | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling Commission Percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Exceed In Contract Sales Price | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Exceed Relates To Operating Expenses | ' | ' | ' | ' | 2.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Determined For Net Income | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oversight Fee Percentage | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction Acquisition Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | 2.50% |
Management fee expense | ' | ' | 331,371 | ' | 672,047 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base Management Fee Expense | ' | ' | 213,180 | ' | 431,145 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,000 | 1,000 | ' | ' | ' | ' | ' |
Preferred Stock, Par Or Stated Value Per Share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction Reimbursed Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 508,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due From Affiliates Excluding Former Advisor | ' | ' | 543,535 | ' | 543,535 | ' | 8,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Percent Of Stockholders Equity | ' | ' | 0.25% | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' |
Compensation Incentive Fee Adjusted Funds From Operations Term | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Incentive Fee Weighted Average Issue Price Term | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Incentive Fee Prior Compensation Period Term | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive fee, period after IPO | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Agreement Termination Period With Written Notice From The Board | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Agreement, Agreement Termination Minimum Stockholders Equity | ' | ' | 250,000,000 | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Agreement Default Period | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management Agreement Manager Termination Notice Period | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Incentive Fee Product Percentage | ' | ' | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Incentive Fee Base Percentage | ' | ' | 8.00% | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Affiliates Excluding Manager and Former Advisor | ' | ' | $308,698 | ' | $308,698 | ' | $17,748 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||||
Net (loss) income from continuing operations attributable to common stockholders | ($2,260,706) | [1] | $534,388 | [1] | ($7,852,370) | [1] | ($1,798,372) | [1] |
Dividends on restricted stock expected to vest and OP Units | -90,485 | [1] | -2,773 | [1] | -135,596 | [1] | -8,409 | [1] |
Gain on redemption of common stock | 0 | [2] | 0 | [2] | 0 | [2] | 1,575 | [2] |
Basic net (loss) income from continuing operations attributable to common stockholders | -2,351,191 | [1] | 531,615 | [1] | -7,987,966 | [1] | -1,805,206 | [1] |
Basic net income (loss) from discontinued operations attributable to common stockholders | $114,115 | [1] | ($2,675) | [1] | $123,040 | [1] | ($92,211) | [1] |
Weighted average common shares outstanding (in shares) | 5,877,417 | [1],[3] | 1,048,854 | [1],[3] | 4,269,378 | [1],[3] | 1,024,997 | [1],[3] |
Potential dilutive shares (in shares) | 0 | [4] | 6,908 | [4] | 0 | [4] | 0 | [4] |
Weighted average common shares outstanding and potential dilutive shares (in shares) | 5,887,417 | [5] | 1,055,762 | [5] | 4,269,378 | [5] | 1,024,997 | [5] |
Basic (loss) income from continuing operations per share (in dollar per share) | ($0.40) | [1] | $0.51 | [1] | ($1.87) | [1] | ($1.76) | [1] |
Basic income (loss) from discontinued operations per share (in dollar per share) | $0.02 | [1],[3] | $0 | [1],[3] | $0.03 | [1],[3] | ($0.09) | [1],[3] |
Diluted (loss) income from continued operations per share (in dollars per share) | ($0.40) | [5] | $0.50 | [5] | ($1.87) | [5] | ($1.76) | [5] |
Diluted income (loss) from discontinued operations per share (in dollars per share) | $0.02 | [3],[5] | $0 | [3],[5] | $0.03 | [3],[5] | ($0.09) | [3],[5] |
[1] | For 2014, amounts relate to shares of the Companybs Class A, Class B-1, B-2, B-3 common stock and LTIP Units outstanding. For 2013, amounts relate to common shares outstanding. | |||||||
[2] | Represents the difference between the fair value and carrying amount of the common stock upon redemption. | |||||||
[3] | Share and per share amounts have been restated to reflect the effects of two reverse stock splits of the Companybs Class B common stock, which occurred during the first quarter of 2014. See Note 1, "Organization and Nature of Business" and Note 11, "Stockholders' Equity" for further discussion. | |||||||
[4] | Excludes 4,794 and 5,726 shares of Class B common stock and 282,759 and 188,506 OP Units for the three and nine months ended September 30, 2014, respectively, and 7,059 shares of Class B common stock for the nine months ended September 30, 2013, related to non-vested restricted stock and OP Units, as the effect would be anti-dilutive. Also excludes any potential dilution related to the 1,000 shares of convertible stock outstanding as of September 30, 2013, as there would be no conversion into common shares. | |||||||
[5] | For 2014, amounts relate to shares of the Companybs Class A, Class B-1, B-2, B-3 common stock and OP and LTIP Units outstanding. For 2013, amounts relate to common shares outstanding. For 2014, amounts exclude OP Units as the effect would be anti-dilutive. |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Non Vested shares, Balance (in shares) | 6,593 | [1] |
Non Vested shares, Granted (in shares) | 0 | [1] |
Non Vested shares, Vested (in shares) | -2,637 | [1] |
Non Vested shares, Forfeited (in shares) | 0 | [1] |
Non Vested shares, Balance (in shares) | 3,956 | [1] |
Weighted average grant-date fair value, Balance (in dollars) | $150,000 | [1] |
Weighted average grant-date fair value, Granted (in dollars) | 0 | [1] |
Weighted average grant-date fair value, Vested (in dollars) | -60,000 | [1] |
Weighted average grant-date fair value, Forfeited (in dollars) | 0 | [1] |
Weighted average grant-date fair value, Balance (in dollars) | $90,000 | [1] |
[1] | The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above. |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) (USD $) | 3 Months Ended | ||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | $1,787,839 | $1,787,805 | $273,028 |
Distributions Paid | 1,787,845 | 1,191,857 | 416,491 |
Common Stock [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | ' | 273,028 |
Distributions Paid | ' | ' | 416,491 |
Common Stock One [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | ' | 0 |
Distributions Paid | ' | ' | 0 |
Common Class B-1 One [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | ' | 0 |
Distributions Paid | ' | ' | 0 |
Common Class B-2 One [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | ' | 0 |
Distributions Paid | ' | ' | 0 |
Common Class B-3 One [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | ' | 0 |
Distributions Paid | ' | ' | 0 |
Operating Partnership Units One [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | ' | 0 |
Distributions Paid | ' | ' | 0 |
Long-term Incentive Plan Units One [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | ' | 0 |
Distributions Paid | ' | ' | 0 |
Common Stock Two [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | 0 | ' |
Distributions Paid | ' | 0 | ' |
Common Class A Two [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | 1,303,740 | ' |
Distributions Paid | ' | 869,150 | ' |
Common Class B-1 Two [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | 102,549 | ' |
Distributions Paid | ' | 68,365 | ' |
Common Class B-2 Two [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | 102,549 | ' |
Distributions Paid | ' | 68,365 | ' |
Common Class B-3 Two [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | 102,549 | ' |
Distributions Paid | ' | 68,365 | ' |
Operating Partnership Units Two [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | 82,000 | ' |
Distributions Paid | ' | 54,667 | ' |
Long-term Incentive Plan Units Two [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | ' | 94,418 | ' |
Distributions Paid | ' | 62,945 | ' |
Common Stock Three [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | 0 | ' | ' |
Distributions Paid | 0 | ' | ' |
Common Class A Three [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | 1,303,765 | ' | ' |
Distributions Paid | 1,303,771 | ' | ' |
Common Class B-1 Three [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | 102,552 | ' | ' |
Distributions Paid | 102,552 | ' | ' |
Common Class B-2 Three [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | 102,552 | ' | ' |
Distributions Paid | 102,552 | ' | ' |
Common Class B-3 Three [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | 102,552 | ' | ' |
Distributions Paid | 102,552 | ' | ' |
Operating Partnership Units Three [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | 82,000 | ' | ' |
Distributions Paid | 82,000 | ' | ' |
Long-term Incentive Plan Units Three [Member] | ' | ' | ' |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | ' | ' | ' |
Distributions Declared | 94,418 | ' | ' |
Distributions Paid | $94,418 | ' | ' |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 62 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||
Mar. 13, 2014 | Sep. 09, 2013 | Dec. 27, 2013 | Aug. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 09, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||
Bluerock Residential Growth REIT, Inc [Member] | OP And LTIP Unit holders [Member] | OP Unit holders [Member] | LTIP Unit holders [Member] | Common Class A One [Member] | Common Class A One [Member] | Common Class A Two [Member] | Common Class A Two [Member] | Common Class A Two [Member] | Common Class A Three [Member] | Common Class A Three [Member] | Common Class B One [Member] | Common Class B One [Member] | Common Class B Two [Member] | Common Class B Two [Member] | Common Class B Two [Member] | Common Class B Two [Member] | Common Class B Three [Member] | Common Class B Three [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A Four [Member] | Common Class B Four [Member] | Convertible Stock [Member] | Operating Partnership Units [Member] | Operating Partnership Units [Member] | |||||||||
Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | 7,059 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,794 | 5,726 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 282,759 | 188,506 | |
Share- Based Compensation Restricted Stock Issued To Directors (in shares) | ' | ' | ' | 2,500 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restricted Stock Vested Percentage One | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restricted Stock Vested Percentage Two | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payments Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $60,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Stock Based Compensation | ' | ' | ' | ' | 82,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common Stock, Dividends, Per Share, Declared | $0.05 | ' | $0.06 | ' | ' | ' | ' | ' | ' | ' | ' | $0.29 | $0.29 | $0.10 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | ' | $0.10 | $0.29 | $0.29 | $0.29 | $0.29 | $0.10 | $0.10 | $0.10 | $0.10 | ' | ' | ' | |
Proceeds From Issuance Of Common Stock | ' | $22,600,000 | ' | ' | $43,977,439 | $405,897 | $22,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,100,000 | ' | ' | ' | ' | ' | ' | |
Stockholders' Equity, Reverse Stock Split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Immediately following the filing of the Second Charter Amendment, we effectuated a 2.264881 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock, and on March 31, 2014, we effected an additional 1.0045878 to 1 reverse stock split of our outstanding shares of Class B-1 common stock, Class B-2 common stock and Class B-3 common stock | ' | ' | ' | ' | ' | ' | |
Dividends Payable, Date of Record | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Jul-14 | 25-Apr-14 | 25-Apr-14 | 25-Aug-14 | 25-May-14 | 25-Sep-14 | 25-Jun-14 | 25-Jul-14 | 25-Apr-14 | ' | 25-May-14 | 25-Aug-14 | 25-May-14 | 25-Sep-14 | 25-Jun-14 | 25-Sep-14 | 25-Jun-14 | 25-Jul-14 | 25-Aug-14 | ' | ' | ' | |
Dividends Payable, Date to be Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Aug-14 | 5-May-14 | ' | 5-Sep-14 | 5-Jun-14 | 5-Oct-14 | 5-Jul-14 | 5-Aug-14 | 5-May-14 | ' | ' | 5-Sep-14 | 5-Jun-14 | 5-Oct-14 | 5-Jul-14 | ' | ' | ' | ' | ' | ' | ' | |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | ' | ' | ' | ' | ' | ' | ' | 100.00% | 9.87% | 4.59% | 5.28% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | The number of shares and per share amounts for the prior period have been retroactively restated to reflect the two reverse stock splits of the Class B common stock discussed above. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Total Distribution | $1,485,311 |
Common Class A One [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Jul-14 |
Dividends, Record Date | 25-Sep-14 |
Dividends, Date paid | 5-Oct-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 434,585 |
Common Class B-1 One [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Jul-14 |
Dividends, Record Date | 25-Sep-14 |
Dividends, Date paid | 5-Oct-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 34,184 |
Common Class B-2 One [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Jul-14 |
Dividends, Record Date | 25-Sep-14 |
Dividends, Date paid | 5-Oct-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 34,184 |
Common Class B-3 One [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Jul-14 |
Dividends, Record Date | 25-Sep-14 |
Dividends, Date paid | 5-Oct-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 34,184 |
Operating Partnership Units One [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Jul-14 |
Dividends, Record Date | 25-Sep-14 |
Dividends, Date paid | 5-Oct-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 27,333 |
Long-term Incentive Plan Units One [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Jul-14 |
Dividends, Record Date | 25-Sep-14 |
Dividends, Date paid | 5-Oct-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 31,473 |
Common Class A Two [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Record Date | 25-Apr-14 |
Common Class A Two [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Oct-14 |
Dividends, Record Date | 25-Oct-14 |
Dividends, Date paid | 5-Nov-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 728,010 |
Common Class B-1 Two [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Oct-14 |
Dividends, Record Date | 25-Oct-14 |
Dividends, Date paid | 5-Nov-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 34,184 |
Common Class B-2 Two [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Oct-14 |
Dividends, Record Date | 25-Oct-14 |
Dividends, Date paid | 5-Nov-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 34,184 |
Common Class B-3 Two [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Oct-14 |
Dividends, Record Date | 25-Oct-14 |
Dividends, Date paid | 5-Nov-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 34,184 |
Operating Partnership Units Two [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Oct-14 |
Dividends, Record Date | 25-Oct-14 |
Dividends, Date paid | 5-Nov-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | 27,333 |
Long-term Incentive Plan Units Two [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividends, Declaration Date | 10-Oct-14 |
Dividends, Record Date | 25-Oct-14 |
Dividends, Date paid | 5-Nov-14 |
Dividends, Distributions per Share (in dollars per share) | $0.10 |
Dividends, Total Distribution | $31,473 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 62 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||
Mar. 13, 2014 | Sep. 09, 2013 | Dec. 27, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 09, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Nov. 04, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 08, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Common Class A Two [Member] | Common Class B Two [Member] | Common Class A [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Bluerock Residential Growth REIT, Inc [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Common Class A One [Member] | Common Class A One [Member] | Common Class A Two [Member] | Common Class A Two [Member] | Common Class A Three [Member] | Common Class A Three [Member] | Common Class B One [Member] | Common Class B One [Member] | Common Class B Two [Member] | Common Class B Two [Member] | Common Class B Three [Member] | Common Class B Three [Member] | Common Class A [Member] | ARIUM Grande Lakes [Member] | Common Class A One [Member] | Common Class A Two [Member] | Common Class A Three [Member] | Common Class B One [Member] | Common Class B Two [Member] | Common Class B Three [Member] | Common Class A [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | Monthly Dividends [Member] | |||||||||||
Common Class A One [Member] | Common Class A Two [Member] | Common Class A Three [Member] | Common Class B One [Member] | Common Class B Two [Member] | Common Class B Three [Member] | |||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date Declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Jul-14 | 10-Oct-14 | ' | ' | ' | ' | ' | 10-Oct-14 | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date of Record | ' | ' | ' | ' | ' | ' | 25-Apr-14 | 25-May-14 | 25-Sep-14 | 25-Jul-14 | 25-Apr-14 | 25-Aug-14 | 25-May-14 | 25-Sep-14 | 25-Jun-14 | 25-Jul-14 | 25-Apr-14 | 25-Aug-14 | 25-May-14 | 25-Sep-14 | 25-Jun-14 | 25-Jun-14 | ' | ' | 25-Sep-14 | 25-Oct-14 | 25-Dec-14 | 25-Oct-14 | 25-Nov-14 | 25-Dec-14 | ' | ' | 25-Oct-14 | 25-Nov-14 | 25-Dec-14 | 25-Oct-14 | 25-Nov-14 | 25-Dec-14 |
Common Stock, Dividends, Per Share, Declared | $0.05 | ' | $0.06 | ' | ' | ' | $0.10 | $0.10 | $0.10 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.10 | ' | ' | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | $0.10 | ' | ' | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 | $0.29 |
Dividends Payable, Date to be Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Aug-14 | 5-May-14 | 5-Sep-14 | 5-Jun-14 | 5-Oct-14 | 5-Jul-14 | 5-Aug-14 | 5-May-14 | 5-Sep-14 | 5-Jun-14 | 5-Oct-14 | 5-Jul-14 | ' | ' | ' | 5-Oct-14 | 5-Nov-14 | ' | ' | ' | ' | ' | ' | 5-Nov-14 | 5-Dec-14 | 5-Jan-15 | 5-Nov-14 | 5-Dec-14 | 5-Jan-15 |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | 3,035,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,035,444 | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | $11.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.90 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | $22,600,000 | ' | $43,977,439 | $405,897 | $22,600,000 | ' | ' | $33,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $33,100,000 | ' | ' | ' | ' | ' | ' | ' |